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HILLER & SKOGLUND, INC. v. ATLANTIC CREOSOTING CO., INC.

40 N.J. 6 (1963)

190 A.2d 380

HILLER & SKOGLUND, INC., A CORPORATION OF THE STATE OF NEW JERSEY, PLAINTIFF-APPELLANT, v. ATLANTIC CREOSOTING COMPANY, INC., A MARYLAND CORPORATION, DEFENDANT-RESPONDENT, AND CONTINENTAL CASUALTY COMPANY, AN ILLINOIS CORPORATION, UNIVERSAL PILE CO., INC., A NEW JERSEY CORPORATION, AND BOROUGH OF WOOD-RIDGE, A MUNICIPAL CORPORATION, DEFENDANTS.

The Supreme Court of New Jersey.

Decided April 23, 1963.

Attorney(s) appearing for the Case

Mr. Aaron W. Nussman argued the cause for plaintiff-appellant (Messrs. Back and Nussman, attorneys).

Mr. Ira D. Dorian argued the cause for defendant-respondent.

The opinion of the court was delivered by HALL, J.

This case involves the right of a creditor to apply an unallocated payment by a debtor, who owes him more than one debt, to that obligation the creditor may select. More particularly, it concerns any limitation thereon where the application made by the creditor detrimentally affects the interests of a third party who is a guarantor of one of the other debts and furnished the funds out of which the payment was made...

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