Morse Electro Products Corp. v. Beneficial Industrial Loan Co.

This case, certified here from the Court of Appeals, concerns the claims of the parties to a reserve fund created by an agreement for the sale of chattel paper. The trial court granted summary judgment in favor of defendant, Beneficial Industrial Loan Company. We affirm.

Morse Electro Products Corporation sold a line of electrical merchandise to National Vacuum and Sewing Machines Stores, Inc., against a line of credit extended pursuant to a security agreement between them. The agreement, which was filed with the Washington Secretary of State as a financing statement on September 27, 1967,…