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DELAWARE TRUCK SALES, INC. v. WILSON

131 N.J. 20 (1993)

618 A.2d 303

DELAWARE TRUCK SALES, INC., PLAINTIFF-APPELLANT, v. EDWARD L. WILSON AND JOAN WILSON, A/K/A JOAN E. JABLONSKI WILSON, HIS WIFE, DEFENDANTS-RESPONDENTS, AND DELAWARE REPAIR SERVICES, INC. AND R.H. MACY COMPANY (BAMBERGERS DIVISION), DEFENDANTS.

The Supreme Court of New Jersey.

Decided January 14, 1993.

Attorney(s) appearing for the Case

Harry A. Horwitz argued the cause for appellant (Davis, Reberkenny & Abramowitz, attorneys; Harry A. Horwitz and Richard A. Barkasy, on the briefs).

Louis G. Rubino argued the cause for respondents (Hoffman, DiMuzio, Hoffman & Marcus, attorneys).

The opinion of the Court was delivered by HANDLER, J.

This case presents issues of commercial law arising from the secured indebtedness of a business corporation and attempts by two creditors to satisfy their respective obligations out of the same collateral security. The controversy arose after the debtor defaulted on both obligations. The debtor surrendered to the second or junior creditor its accounts receivable, which the junior creditor then collected. The senior...

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