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SIGMAN v. CLAAR BROS., INC.

No. 303, Docket 26457.

291 F.2d 820 (1961)

Jack SIGMAN, as Trustee in Bankruptcy of Kunstler Importing Corp., Bankrupt, Plaintiff-Appellant, v. CLAAR BROS., INC., Defendant-Appellee.

United States Court of Appeals Second Circuit.

Decided June 16, 1961.

Attorney(s) appearing for the Case

David Haar, New York City, for appellant.

Howard Sheldon, New York City (Sheldon & Olshan, New York City, on the brief), for appellee.

Before WATERMAN, MAGRUDER and MOORE, Circuit Judges.

MOORE, Circuit Judge.

Plaintiff, Trustee in Bankruptcy of Kunstler Importing Corp., Bankrupt (Kunstler), appeals from a judgment dismissing his complaint in an action against Claar Bros., Inc. (Claar) to recover a sum of money retained by Claar upon the discount of various notes given to Kunstler by its customers. The theory of plaintiff's action is that Claar, not having been organized under the Banking Law of the State of New York, had no power to discount commercial...

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