Major's Furniture Mart, Inc. v. Castle Credit Corp.

OPINION

FOGEL, District Judge.

I. PROCEDURAL AND FACTUAL HISTORY OF THE CASE:

Plaintiff, Major’s Furniture Mart (Major’s), was in the business of making retail sales of furniture to consumers, and defendant, Castle Credit Corporation (Castle), is in the business of financing furniture dealers. Major’s and Castle entered into a Sale of Receivables Agreement (Agreement), dated June 18, 1973, by which Major’s agreed to transfer its accounts to Castle, and Castle agreed to provide funds to Major’s at a given ratio to the accounts it accepted. Castle accepted accounts offered by Major’s from July,…