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IN RE CROSSTOWN MOTORS, INC.

No. 12610.

272 F.2d 224 (1959)

In the Matter of CROSSTOWN MOTORS, INC., Bankrupt. COMMERCIAL CREDIT CORPORATION, a corporation, Petitioner-Appellant, v. C. Wylie ALLEN, Trustee, Respondent-Appellee.

United States Court of Appeals Seventh Circuit.

Rehearing Denied December 29, 1959.

Attorney(s) appearing for the Case

Edward P. McKeown, Chicago, Ill., Raymond J. Boland, and John C. Trussell, Chicago, Ill., for appellant.

Joseph L. Kadison, Charles G. Martin, Leo J. Powers, Chicago, Ill., Louis I. Kessler, Chicago, Ill., of counsel, for appellee.

Before MAJOR, SCHNACKENBERG and PARKINSON, Circuit Judges.

PARKINSON, Circuit Judge.

Crosstown Motors, Inc. (Crosstown) was adjudicated a bankrupt in August, 1957 on an involuntary petition following an assignment for the benefit of its creditors made on July 22, 1957. Prior thereto it was a Ford dealer in Chicago.

In October, 1955 Crosstown entered into a "floor plan" financing agreement with petitioner-appellant, Commercial Credit Corporation (Commercial). Commercial complied with all the requirements of the Illinois...

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