Cosmopolitan Trust Co. v. Cirace

This bill in equity was brought by the Cosmopolitan Trust Company, through the commissioner of banks as liquidating agent, to establish the amount due it from the defendant Cirace on account of a certain promissory note; to reach and apply toward the satisfaction thereof a certain debt alleged to be due to Cirace from the defendant Florio; and for general relief. The following facts found by the master are here material:

In November, 1918, Cirace, who was engaged in the wholesale grocery business under the name “ Italian Importing Company,” became interested in a proposition to purchase large…