IN RE A. M. TOWNSON & CO.

No. 12997.

283 F.2d 449 (1960)

In the Matter of A. M. TOWNSON & CO., Bankrupt.

United States Court of Appeals Third Circuit.

Reargued June 20, 1960.

Decided October 5, 1960.


Attorney(s) appearing for the Case

Jerome L. Markovitz, Philadelphia, Pa. (S. Robert Levant, Markovitz, Stern & Shusterman, Philadelphia, Pa., on the brief), for appellant.

J. Horace Churchman, Philadelphia, Pa. (Jack B. Justice, Drinker, Biddle & Reath, Philadelphia, Pa., on the brief), for appellee.

Before BIGGS, Chief Judge, and GOODRICH, McLAUGHLIN, KALODNER, STALEY, HASTIE, and FORMAN, Circuit Judges.


McLAUGHLIN, Circuit Judge.

On March 20, 1957, the Bankrupt filed a Chapter XI petition and Messrs. Klein and East were appointed receivers to carry on the business pending confirmation of the arrangement. On March 28, 1957, they opened a general account with appellee. They opened a second account called "A. M. Townson & Co., Inc. Tax Account, Morton Q. Klein and William East, Receivers", on the same day. On May 13, 1957 they opened a third account "Morton Q. Klein...

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