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DUOBOND v. CONG. FABRICS

41 N.Y.2d 177 (1976)

Duobond Corporation, Respondent, v. Congress Factors Corporation, Appellant.

Court of Appeals of the State of New York.

Decided December 22, 1976.

Attorney(s) appearing for the Case

Robert A. Weiner, New York City, for appellant.

Irving Moldauer and Bruce H. Beckmann, New York City, for respondent.

Chief Judge BREITEL and Judges JONES, WACHTLER and FUCHSBERG concur with Judge GABRIELLI; Judge COOKE dissents and votes to reverse in a separate opinion in which Judge JASEN concurs.

GABRIELLI, J.

Congress Factors Corporation (Congress) entered into a "discounting factoring agreement" on December 20, 1971 with Duobond Corporation (Duobond), a textile finishing business, whereby Congress agreed to purchase certain accounts receivable, on an approved list, and assumed responsibility for the debtor's failure or inability to pay, reserving only the right to charge back any accounts which were...

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