Gimbel Bros. v. White

Plaintiff is a domestic business corporation which conducts a general department store business in the city of New York. Since November, 1936, it has been using in this store a credit coupon system which defendant claims is a form of banking and he says that the plaintiff cannot legally engage therein. He argues that it constitutes the receipt of deposits and is, therefore, a form of banking prohibited to plaintiff by Section 18 of the General Corporation Law and section 131 of the Banking Law. Plaintiff’s credit coupon system was installed to promote sales and operates generally as follows:…