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IN RE LONG

No. 84-5211.

774 F.2d 875 (1985)

In re Jesse H. LONG, Debtor. BARCLAYS AMERICAN/BUSINESS CREDIT, INC., Appellant, v. Jesse H. LONG, Appellee.

United States Court of Appeals, Eighth Circuit.

Decided October 2, 1985.

Attorney(s) appearing for the Case

Katherine Constantine, St. Paul, Minn., for appellant.

James M. Strother, Minneapolis, Minn., for appellee.

Before LAY, Chief Judge, ARNOLD, Circuit Judge, and SACHS, District Judge.

SACHS, District Judge.

Over a period of several years, Barclays American/Business Credit, Inc. (Barclays), as successor in interest to Aetna Business Credit, Inc., loaned substantial sums of money to A & C Johnson Co. (A & C). The loans were calculated as a percentage of inventory, which ranged from $1.3 to $1.7 million, and were secured by A & C's accounts receivable. Proceeds from the accounts were to be deposited in a special "collateral" account maintained...

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