MERCANTILE FIN. CORP. v. P & F INDUS., INC.


63 A.D.2d 1014 (1978)

Mercantile Financial Corporation, Respondent, v. P & F Industries, Inc., Appellant

Appellate Division of the Supreme Court of the State of New York, Second Department.

June 26, 1978


Order reversed, on the law, with $50 costs and disbursements, and defendant's motion granted to the extent that the complaint is dismissed for failure to state a cause of action.

The defendant entered into an agreement with the purchaser of its subsidiary's assets to indemnify said purchaser from claims of the subsidiary's creditors. This was done in lieu of compliance with the procedure outlined in the Illinois Bulk Sales Act (see Uniform Commercial Code, art 6)...

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