Edison Electric Illuminating Co. v. Horace E. Frick Co.

It is found that the moneys paid by the People’s National Bank of Lebanon to the Horace E. Frick Company on the checks of that company were advanced pursuant to agreements made in connection therewith that bills receivable from the Edison Electric Illuminating Company of Brooklyn should be assigned to secure the payment thereof, and that assignments A to G were thereafter made accordingly, and notes given to evidence the loans, although the particular bills assigned were not designated at the time the loans were made. The transactions were not within the Stock Corporation Law (Laws 1909, c. 61 [Consol. Laws 1909, c. 59] § 66) or section 64, c. 185, P. L. 1896, of the statutes of New Jersey. On reargument, judgment modified accordingly, and so as to charge the lienors found to be entitled to the fund with only one-half of the expenses of the reference, and judgment directed against the National Bank of Lebanon for the other half, and, as so modified, affirmed, without costs against the bank, but with one bill of costs and disbursements, except for printing the record, in favor of the Ajax Lead Coating Company, M. Goodwin & Co., the Audley Clark Company, and the Neal & Brinker Company against John V. Lindberg and the National Bridge Works, and without costs against the N. Ryan Company. Settle order before Mr. Justice Thomas. See, also, 144 N. Y. Supp. 1113 .