Manufacturers' Finance Co. v. Armstrong

PARKER, Circuit Judge.

This is an appeal from an order in the bankruptcy proceedings of the Gastonia Thread Yarn Mills, Inc., denying the petition of the Manufacturers Finance Company which asked that a lien be declared in its favor on certain assets in the hands of the trustees in bankruptcy. The bankrupt had entered into a contract for the borrowing of money from the finance company and the assignment of accounts as security therefor. Among the accounts so assigned were two accounts of the Fremont Thread Company and one of the Union Thread Company upon which the bankrupt subsequently…