Daumit Stores, Inc. v. Brown

DeJay Stores, Inc. was doing a retail credit clothing-business in the City of Jackson, Mississippi, under the trade name of “Kaybee”. This corporation leased its store fixtures from the Booth Leasing Corporation. It assigned its notes and credit accounts receivable to James Talcott, Inc. for loans and advances to operate the business. The DeJay Stores went into involuntary bankruptcy on December 11, 1962. The New York Credit Men’s Adjustment Bureau, Inc. was appointed Trustee in the bankruptcy proceedings, and, as Trustee, liquidated the stock of goods belonging to the bankrupt corporation,…