Manufacturers Finance Co. v. Jones Co.

On August 18, 1911, the Brown Wagon Company and the Manufacturers Finance Company, both corporations, entered into a written contract for the former to sell “its accounts receivable, notes, contracts, and choses in action,” all designated as “accounts,” evidencing sales and deliveries of personal property in which it dealt, to the latter in consideration of the payment by it of 100 per cent, of the face value of “such accounts,” less certain stated discounts according to the maturity of such accounts, the amounts and times of payment being fixed under the contract. The contract provided that…