Plaintiff, an old-line factor, entered into an agreement with Ramsay Fabrics Co. (Ramsay) to factor Ramsay's accounts receivable. Thereafter, Ramsay sold and delivered two lots of merchandise to defendant. The invoices reflecting the sales duly noted the assignment of the proceeds to plaintiff and directed payment to it.
Approximately a month after each delivery defendant issued and delivered to plaintiff separate checks in payment for the goods. Plaintiff deposited...
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