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IN RE L. GANDOLFI & CO.

No. 395.

113 F.2d 300 (1940)

In re L. GANDOLFI & CO., Inc. GENERAL COMMERCIAL ACCEPTANCE CO. v. LANCE et al.

Circuit Court of Appeals, Second Circuit.

July 15, 1940.

Attorney(s) appearing for the Case

O'Connor & Farber, of New York City (Arnold T. Koch, of New York City, of counsel), for appellants.

Harry A. & Eric C. Gordon, of New York City (Harry A. Gordon, of New York City, of counsel), for appellee.

Before CHASE, CLARK, and PATTERSON, Circuit Judges.

PATTERSON, Circuit Judge.

The case raises the validity of an assignment of accounts receivable under the doctrine of Benedict v. Ratner, 268 U.S. 353, 45 S.Ct. 566, 69 L.Ed. 991. Some two years prior to bankruptcy the bankrupt made an agreement with the petitioner for the sale to the petitioner of the bankrupt's accounts receivable. 70 percent of the amount of the accounts was to be paid to the bankrupt at the time of assignment, and...

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