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IN RE PUSEY, MAYNES, BREISH CO.

No. 7739.

122 F.2d 606 (1941)

In re PUSEY, MAYNES, BREISH CO. HERR v. PHILADELPHIA NAT. BANK.

Circuit Court of Appeals, Third Circuit.

August 25, 1941.

Attorney(s) appearing for the Case

Percival H. Granger and Howard S. Spering, both of Philadelphia, Pa. (Hugh D. Scott, Jr., of Philadelphia, Pa., on the brief), for appellant.

Arthur Littleton, of Philadelphia, Pa. (Murdoch K. Goodwin and Morgan, Lewis & Bockius, all of Philadelphia, Pa., on the brief), for appellee.

Before MARIS, JONES, and GOODRICH, Circuit Judges.

GOODRICH, Circuit Judge.

The use of current accounts receivable as a security device is attacked in this case by a trustee in bankruptcy.

The facts deemed pertinent by the court are not in dispute. In 1935 the Pusey, Maynes, Breish Company (now the bankrupt) assigned to the Philadelphia National Bank current accounts receivable to secure an existing indebtedness of $20,000. Pursuant to a contract between the parties, the company over a period of seventeen...

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