In the Matter of Ben Weiss Co., Inc., Bankrupt. C. Edward Holtsberg, Jr., Trustee v. National Acceptance Co. Of Chicago

DUFFY, Circuit Judge.

National Acceptance Company of Chicago (NAC) petitioned for an order directing Yorke, Receiver, to turn over certain monies to NAC under an alleged factor’s lien on the assets of Ben Weiss Co., Inc., Bankrupt. Later, Holts-berg was appointed Trustee, and was substituted for the Receiver.

On August 6, 1957, bankrupt, by its president, executed a written factor’s lien agreement with NAC to secure all loans made by NAC to Bankrupt during a five year period. NAC made loans under the agreement. A balance of some $8,000 was unpaid at the date of the adjudication of bankruptcy.

On…