American Trust Co. v. Proctor

WILSON, Circuit Judge.

In March, 1923, the New England Oil Refining Company, hereinafter referred to as tbe refining company, being in need of funds to finance its business of refining crude oil, entered into an arrangement with certain banks in Boston, hereinafter referred to as tbe syndicate, to supply it with tbe necessary funds. Under tbe arrangement, tbe syndicate was to be secured by trust receipts acknowledging that all raw materials purchased should remain tbe property of tbe syndicate as well as tbe refined product until sold.

Tbe arrangement also included tbe organization of another…