Elm Coated Fabrics Co. v. Harry Polans Inc.

Plaintiff corporation seeks to have a receiver appointed for the proceeds of the sale of fixtures, machinery and other property resulting from foreclosure of a chattel mortgage by defendant H. So 8. Trading Co. The mortgage was given to secure payment of $7,700 in promissory notes purchased by defendant H. So 8. for $7,000. Proof of the said notes and the payment therefor are undisputed. The sale at public auction yielded receipts of $5,526.89. This was insufficient to cover the indebtedness of the notes of H. So 8. Nothing survived which could be of any benefit to Liederman and Bernstein,…