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PIONEER COMMERCIAL FUND. CORP. v. AM. FIN. MORTG. CORP.

855 A.2d 818 (2004)

PIONEER COMMERCIAL FUNDING CORP. and Bank One, Texas, N.A. v. AMERICAN FINANCIAL MORTGAGE CORP. and Thomas F. Flatley and Northwest Funding, Inc. and Corestates Bank, N.A. Appeal of Corestates Bank, N.A.

Supreme Court of Pennsylvania.

Decided August 19, 2004.

Attorney(s) appearing for the Case

Arlin M. Adams, Michael M. Baylson, Ralph G. Wellington, Nolan N. Atkinson, Attorney Carl A. Solano, Philadelphia, Andrew Frey, Pro Hac Vice, New York, NY, for Corestates Bank, N.A.

Charles William Mooney, Jr., for Pennsylvania Bankers Association.

Marc J. Sonnenfeld, Philadelphia, for PA Chamber of Business and Industry.

Edward M. Mahon, Philadelphia, for The Federal Reserve Bank of Philadelphia.

David R. Moffitt, Philadelphia, Miles H. Shore, Gabriel L. Bevilacqua, Philadelphia, for American Financial Mortgage Corp., Thomas F. Flatley.

Howard Jonathan Bashman, Fort Washington, Maurice Robert Mitts, Philadelphia, for Pioneer Commercial Funding Corp., et al.

Stephen P. McCarron, for Sysco Corporation.

BEFORE: CAPPY, C.J. and CASTILLE, NIGRO, SAYLOR, EAKIN and BAER, JJ.

OPINION

Justice SAYLOR.

This appeal is centered on a commercial priority dispute between a banking institution exercising setoff against a general deposit account and a company asserting a third-party interest in the account proceeds, in the nature of absolute ownership and/or a perfected security interest.

Appellee, Pioneer Commercial Funding Corp. ("Pioneer") is a publicly-traded company that operated...

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