Estes v. E. B. Estes & Sons

BREWSTER, District Judge.

This is a petition for instructions, brought by the receiver, wherein he represents that E. B. Estes & Sons (hereinafter called the Estes Company) entered into a contract with the Merchants’ Transfer & Storage Company, (referred to hereinafter as the'Finance Company), under which contract the Finance Company purchased of the Estes Company certain accounts receivable and agreed to pay therefor 100 per cent, of the face value thereof, of which 77 per cent, was paid upon acceptance of the account, and the balance, plus or minus adjustments, was to be paid when the…