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JACK L. INSELMAN & CO., INC. v. FNB FIN. CO.

41 N.Y.2d 1078 (1977)

Jack L. Inselman & Co., Inc., Appellant, v. FNB Financial Company, Respondent.

Court of Appeals of the State of New York.

Decided May 5, 1977.

Attorney(s) appearing for the Case

Benedict Ginsberg and Charles E. Ramos for appellant.

Joel Salon for respondent.

Chief Judge BREITEL and Judges JASEN, GABRIELLI, JONES, WACHTLER, FUCHSBERG and COOKE concur in memorandum.

MEMORANDUM.

The order of the Appellate Division is affirmed, with costs.

Guilford Industries, a manufacturer of fabric, had a factoring agreement with FNB Financial Company (FNB) whereby the latter would guarantee payment of certain accounts receivable owed by purchasers whom it deemed credit worthy. FNB had, accordingly, approved the credit of one such purchaser, plaintiff Jack L. Inselman & Co, up to a maximum...

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