Delaney Furniture Co. v. Magnavox Co. of Tennessee

DeLaney Furniture Company, Inc., of Kentucky, by its Kentucky Chancery Court appointed receiver, F. Richard Holzknecht, sued the Magnavox Company of Tennessee, a Tennessee corporation, and the Magnavox Company, a Delaware corporation, to recover items of personal property allegedly delivered to the defendant corporations in satisfaction of an open account covering the purchase of the items of property from the defendant, at a time when the company was insolvent. It was alleged this was a preferential conveyance in contemplation of insolvency under the Kentucky Revised Statutes, secs. 378-060…