CAL. FUNDING CORP. v. LONG BEACH N. BK.

Docket No. 20644.

134 Cal.App.2d 343 (1955)

285 P.2d 721

CALIFORNIA FUNDING CORPORATION (a Corporation), Respondent, v. LONG BEACH NATIONAL BANK (a National Banking Corporation), Appellant.

Court of Appeals of California, Second District, Division One.

July 13, 1955.


Attorney(s) appearing for the Case

Pray & Price and Eric A. Rose for Appellant.

Walker & Horn for Respondent.


DRAPEAU, J.

There is no dispute about the facts in this case.

Plaintiff corporation is in the business of financing purchases of motor vehicles, using conditional sales contracts. To secure funds for a part of its financing, plaintiff assigned conditional sales contracts to defendant bank on three occasions.

On the first occasion the bank agreed to pay plaintiff the total balance of the conditional sales contracts assigned to it, less 5 per cent to...

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