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ISELIN & CO v. FIREMAN'S FUND

117 A.D.2d 86 (1986)

William Iselin & Co., Inc., Respondent-Appellant, v. Fireman's Fund Insurance Company, Appellant-Respondent

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

May 8, 1986

Attorney(s) appearing for the Case

Peter M. Dodson of counsel (John E. Beerbower and Daniel J. Kramer with him on the brief; Cravath, Swaine & Moore, attorneys), for respondent-appellant.

Jerome Murray of counsel (Robert Wang and Robert G. Post with him on the brief; Hendler & Murray, P. C., attorneys), for appellant-respondent.

KUPFERMAN, J. P., and ROSS, J., concur with MILONAS, J.; SANDLER and ASCH, JJ., dissent in part in an opinion by SANDLER, J.

MILONAS, J.

On or about June 17, 1975, plaintiff William Iselin & Company entered into an accounts receivable financing agreement with the W. C. Lawson Cotton Company of Georgia, Inc. Pursuant to this arrangement, Iselin was to make advances to Lawson Cotton based upon 90% of the net amount of accounts receivable generated by Lawson Cotton. W. Carlton Lawson was the chief executive and chief operating officer...

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