B. C. S. Corp. v. Colonial Discount Co.

This is an action for conversion which calls for the construction of certain sections of the Uniform Trust Receipts Law (Pers. Prop. Law, art. 3-A, §§50 et seq.). Both plaintiff and *712defendant are automobile finance companies. In January, 1937, plaintiff had advanced moneys to the Great Neck Studebaker, Inc., a retail automobile dealer, not a party to this action, to enable it'to purchase four automobiles for resale, and received from it at the time of making the advance a trust receipt covering these automobiles. By this instrument, the automobile dealer, as trustee, agreed to hold the…