Renfro Corp. v. McLarty Industries, Inc. (In Re McLarty Industries, Inc.)

OPINION

WILLIAM L. NORTON, Jr., Bankruptcy Judge.

I

In early 1977, Renfro Corporation, plaintiff herein (Renfro), and McLarty Industries, Inc., defendant and debtor herein (McLarty), entered into a contract whereby McLarty agreed to purchase certain manufactured goods from Renfro. Over a period of several months a course of dealing was established between the two corporations. Subsequently, it is alleged, McLarty ceased payment on the purchased goods.

On June 22, 1977, Renfro brought an action in North Carolina Superior Court to recover money it claimed was due on the account. On the same day,…