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Secured Transactions Keyed to Whaley
Benedict v. Ratner
Citation:
268 U.S. 353 (1925)Facts
On May 23, 1921, the Hub Carpet Company, a New York mercantile concern, executed a written assignment to Ratner of all its accounts receivable, both existing and future, as collateral security for a $15,000 existing loan and up to $15,000 in additional advances. The company was to collect the accounts and deliver monthly lists of outstanding accounts to Ratner. While Ratner had the right to demand disclosure of the company’s financial condition and to require application of collections to his loans, the company was not required to apply any collections to Ratner’s debt, replace collected accounts with other collateral, or account to Ratner in any way until Ratner made such demands. The company remained free to use all proceeds as it saw fit. The assignment was kept secret, and the business continued as before, incurring new debts. Before bankruptcy proceedings commenced on September 26, 1921, the company had collected approximately $150,000 from assigned accounts and used all proceeds for purposes other than repaying Ratner’s loan.
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