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CORN EXCHANGE BANK v. KLAUDER

No. 452.

318 U.S. 434 (1943)

CORN EXCHANGE NATIONAL BANK & TRUST CO. ET AL. v. KLAUDER, TRUSTEE IN BANKRUPTCY.

Supreme Court of United States.

Decided March 8, 1943.

Attorney(s) appearing for the Case

Mr. Charles J. Biddle, with whom Messrs. Maurice Bower Saul, William E. Mikell, Jr., Allen S. Olmsted, 2d, and James McMullan were on the brief, for petitioners.

Mr. Bertram Bennett, with whom Mr. Rawdon Libby was on the brief, for respondent.

MR. JUSTICE JACKSON delivered the opinion of the Court.

This case requires us to determine the application of the preference provisions of § 60 (a) of the Bankruptcy Act as amended by the Chandler Act of June 22, 1938,1 to loans made on assignments of accounts receivable.

The Quaker City Sheet Metal Company became embarrassed for want of working capital in 1938. Creditors representing...

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