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RAY v. BENEFICIAL FIN. CO.

92 N.J. Super. 519 (1966)

224 A.2d 143

IRWIN RAY, AS TRUSTEE IN REORGANIZATION OF ATLAS SEWING CENTERS, INC., A DELAWARE CORPORATION, AND ITS SUBSIDIARIES, AND ATLAS SEWING CENTERS, INC., A DELAWARE CORPORATION, PLAINTIFFS, v. BENEFICIAL FINANCE CO. OF NORTH JERSEY, A CORPORATION OF THE STATE OF NEW JERSEY, DEFENDANT.

Superior Court of New Jersey, Chancery Division.

Decided October 27, 1966.

Attorney(s) appearing for the Case

Mr. Joseph Harrison argued the cause for the plaintiffs (Messrs. Harrison & Jacobs, attorneys).

Mr. Charles J. Milton argued the cause for the defendant (Messrs. Charles J. Milton, Harold A. Seide, Jr. and David A. Nicolette, Jr. on the brief; Messrs. Harold A. Price and Donald W. Bedell of counsel; Messrs. Milton, Keane & De Bona, attorneys).

FRITZ, J.S.C.

For approximately 15 years prior to June 22, 1962 plaintiff Atlas Sewing Centers, Inc. was engaged in the business of selling sewing machines and certain other equipment. Many of these sales were pursuant to installment sales contracts supported by notes. Sometime around mid-1960 a number of the 50-odd financial institutions to which Atlas was indebted to the extent of almost 14 million dollars became apprehensive. Atlas presumed, probably quite correctly...

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