Presser v. Central Trust & Savings Co.
Appellate Division of the Supreme Court of the State of New York
Appeal by the defendant, Central Trust and Savings Company, from a judgment of the Supreme Court in favor of the plaintiff, entered.in the office of the clerk of the county of Kings on the 29th day of July, 1918, upon the report of a referee appointed to hear and determine the issues. The plaintiff, as assignee of Geo.
Read the full summary
Appeal by the defendant, Central Trust and Savings Company, from a judgment of the Supreme Court in favor of the plaintiff, entered.in the office of the clerk of the county of Kings on the 29th day of July, 1918, upon the report of a referee appointed to hear and determine the issues. The plaintiff, as assignee of Geo. Brooks & Son Company (hereinafter called the Brooks Company), sues to recover from defendant the sum of $14,080.71, the amount received by defendant Central Trust and Savings Company (hereinafter called the Trust Company), as the proceeds of certain accounts receivable of the…
1Opinion of the Court
Kelly, J.:
In 1913-1914 the Brooks Company was in need of money to carry on its business, and to my mind its needs were pressing, otherwise it would not have been obliged to resort to the method of raising funds disclosed in the case at bar. Apparently this method was recognized in business circles, and was adopted by other mercantile houses. The transaction seems to me to be a sort of pawnbrokerage, which evidences dire need on the part of the borrower, but it has been declared legal by the Supreme Court of the United States in Greey v. Dockendorff (231 U. S. 513, affg. 203 Fed. Rep. 475; 121…
2Cases cited10 opinions
- McNeil v. . the Tenth National BankNew York Court of Appeals · 1871
- Chapman v. . ForbesNew York Court of Appeals · 1890
- Skiff v. StoddardSupreme Court of Connecticut · 1893
- Cowdrey v. VandenburghSupreme Court of the United States · 1880
- Greey v. DockendorffSupreme Court of the United States · 1913
5 more not listed; retrieve them via the Exa API.
3Cited by4 opinions
- Newman v. Guaranty Trust Co.Appellate Division of the Supreme Court of the State of New York · 1935
- Central Trust & Savings Co. v. Waterbury Co.Appellate Division of the Supreme Court of the State of New York · 1922
- Maxol Syndicate, Inc. v. N. T. Hegeman Co.City of New York Municipal Court · 1930
- Ruffer v. Waterbury Co.Appellate Division of the Supreme Court of the State of New York · 1922