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AMERICAN TRUST CO. v. PROCTOR

No. 2456.

42 F.2d 384 (1930)

AMERICAN TRUST CO. v. PROCTOR et al.

Circuit Court of Appeals, First Circuit.

July 1, 1930.

Attorney(s) appearing for the Case

Willard B. Luther, of Boston, Mass. (Peabody, Arnold, Batchelder & Luther, of Boston, Mass., on the brief), for appellant.

William G. Thompson, of Boston, Mass. (George E. Mears, of Boston, Mass., on the brief), for appellee receiver.

Before BINGHAM, ANDERSON, and WILSON, Circuit Judges.

WILSON, Circuit Judge.

In March, 1923, the New England Oil Refining Company, hereinafter referred to as the refining company, being in need of funds to finance its business of refining crude oil, entered into an arrangement with certain banks in Boston, hereinafter referred to as the syndicate, to supply it with the necessary funds. Under the arrangement, the syndicate was to be secured by trust receipts acknowledging that all raw materials purchased should remain...

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