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IN RE GOTHAM CAN CO.

No. 347.

48 F.2d 540 (1931)

In re GOTHAM CAN CO. MERCHANTS' TRANSFER & STORAGE CO. v. RAFFERTY.

Circuit Court of Appeals, Second Circuit.

April 6, 1931.

Attorney(s) appearing for the Case

Oppenheimer, Haiblum & Kupfer, of New York City (Eli S. Silberfeld, of New York City, of counsel), for petitioner-appellant Merchants' Transfer & Storage Company.

Joffe & Joffe, of New York City (Louis Joffe, of New York City, of counsel), for respondent-appellee trustee in bankruptcy.

Before L. HAND, SWAN, and AUGUSTUS N. HAND, Circuit Judges.

AUGUSTUS N. HAND, Circuit Judge.

Merchants' Transfer & Storage Company, hereafter called finance company, advanced money to Gotham Can Company, the bankrupt, prior to its adjudication, upon the security of accounts receivable assigned by the latter. The contract of the parties provided that the finance company should advance in cash 77 per cent. of the face value of the accounts and the remaining 23 per cent. upon collection of the accounts subject to the following...

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