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SHAW MUDGE & CO. v. SHER-MART MANUFACTURING CO.

132 N.J. Super. 517 (1975)

334 A.2d 357

SHAW MUDGE & COMPANY, A CORPORATION, PLAINTIFF-RESPONDENT, v. SHER-MART MANUFACTURING CO., INC., A CORPORATION, DEFENDANT-RESPONDENT, UNITED STATES OF AMERICA, CLAIMANT-APPELLANT.

Superior Court of New Jersey, Appellate Division.

Decided February 27, 1975.

Attorney(s) appearing for the Case

Mr. Jonathan L. Goldstein, United States Attorney, attorney for appellant (Mr. Ronald L. Reisner, Assistant United States Attorney, of counsel).

Messrs. Jamieson, Walsh, McCardell, Moore and Peskin, attorneys for respondent Shaw Mudge & Company (Mr. Burton Peskin, of counsel).

No brief was filed in behalf of respondent Sher-Mart Manufacturing Co., Inc.

Before Judges LEONARD, SEIDMAN and BISCHOFF.

The opinion of the court was delivered by SEIDMAN, J.A.D.

The issue involved in this appeal is whether a fully perfected security interest in an account receivable is superior to the lien of a subsequent judgment creditor who levied upon that account prior to default on the part of the debtor in the secured transaction.

The facts are not in dispute. On September 20, 1972, defendant Sher-Mart Manufacturing Co., Inc. (Sher-Mart) entered into a security agreement...

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