Axe v. Commercial Credit Corp.

Plaintiff instituted the present action against defendant Commercial Credit Corporation for damages occasioned by its failure to honor a garnishment levied upon it.

On March 27, 1958, plaintiff commenced an action against 5 & M Lamp Co. (hereinafter S & M) to recover damages under a written contract. For approximately a period of two years prior to plaintiff’s institution of the principal action S 6 M had been assigning its accounts receivable to defendant under a complex factoring arrangement. On April 8, 1958, defendant was served with a writ of attachment with notice of garnishment. On…