Asc Corporation v. First Nat. Bank, Etc.

This case comes to us on petition to transfer from the Appellate Court under Acts 1938, ch. 151, §1, p. 800, being §4-215, Burns’ 1946 Replacement. See: A. S. C. Corporation v. First National Bank of Elwood (1959), 161 N. E. 2d 179.

Appellant conducts a finance business consisting of the loaning of money to retail automobile dealers by what is commonly known as a “floor plan” arrangement, and the purchase from them of conditional sales contracts taken by such dealers to secure the balance of the retail selling price, and by the acceptance of chattel mortgages to secure certain other loans on…