United Factors Division of United Merchants & Manufacturers, Inc. v. Murphy

MEMORANDUM OPINION

MAROVITZ, District Judge.

MOTION FOR SUMMARY JUDGMENT

This is an action to recover funds owed by defendants to plaintiff. Murphy Carpet & Furniture, Inc., of which defendants Murphy and Rieger were sole shareholders, was indebted to plaintiff on May 22, 1970 in the amount of $23,825.65 and in consideration for the extension of further credit and the forbearance from collection of the amount owed, defendants entered into subordination agreements whereby they assigned to United Factors all indebtedness owed to them as shareholders by Murphy Carpet. The amount then owing…