Legal Opinion
General Commercial Acceptance Co. v. Lance
Court of Appeals for the Second Circuit
Decided July 15, 1940No. 395PublishedCited by 5 opinions
1Opinion of the Court
PATTERSON, Circuit Judge.
The case raises the validity of an assignment of accounts receivable under the doctrine of Benedict v. Ratner, 268 U.S. 353, 45 S.Ct. 566, 69 L.Ed. 991. Some two years prior to bankruptcy the bankrupt made an agreement with the petitioner for the sale to the petitioner of the bankrupt’s accounts receivable. 70 percent of the amount .of the accounts was to be paid to -the bankrupt at the time of assignment, and the balance, less the petitioner’s charges, when the accounts were collected. The bankrupt was to turn over all moneys received by it in payment of the assigned…
2Cases cited2 opinions
- Benedict v. RatnerSupreme Court of the United States · 1925
- Lee v. State Bank & Trust Co.Court of Appeals for the Second Circuit · 1930
3Cited by5 opinions
- Wolf v. Aero Factors CorporationDistrict Court, S.D. New York · 1954
- In Re Nizolek Furniture & Carpet Co.District Court, D. New Jersey · 1947
- In Re Ace Fruit & Produce Co.District Court, S.D. New York · 1943
- Zydney v. New York Credit Men's Ass'nCourt of Appeals for the Second Circuit · 1940
- Bloch v. Mill Factors Corp.Court of Appeals for the Second Circuit · 1943