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HYLAND v. ANCHOR FINANCE CO., INC.

146 N.J. Super. 102 (1977)

369 A.2d 12

WILLIAM F. HYLAND, ATTORNEY GENERAL OF NEW JERSEY, AND JAMES McLELLAND SMITH, CHIEF OF THE BUREAU OF SECURITIES OF THE STATE OF NEW JERSEY, PLAINTIFFS, FARMERS BANK OF THE STATE OF DELAWARE, INTERVENOR-APPELLANT, v. ANCHOR FINANCE COMPANY, INC., A NEW JERSEY CORPORATION, AND WILLIAM J. VALYO, DEFENDANTS, AND GORDON C. STRAUSS, STATUTORY RECEIVER OF ANCHOR FINANCE COMPANY, INC., RESPONDENT.

Superior Court of New Jersey, Appellate Division.

Decided January 4, 1977.

Attorney(s) appearing for the Case

Mr. Frederic J. Schragger argued the cause for appellant Farmers Bank of the State of Delaware (Messrs. Schragger, Schragger & Lavine, attorneys).

Mr. Leon Robinson argued the cause for respondent Gordon C. Strauss, Statutory Receiver of Anchor Finance Company, Inc. (Messrs. Teich, Groh and Robinson, attorneys; Mr. Arthur Teich on the brief).

Before Judges CRANE, MICHELS and LEONARD.

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

Intervenor Farmers Bank of the State of Delaware (Farmers Bank) appeals from an order of the Chancery Division denying its motion to compel Gordon C. Strauss, the statutory receiver of Anchor Finance Co., Inc. (receiver) to turn over to it all of the accounts receivable of defendant Anchor Finance Co., Inc. (Anchor).

The pertinent facts are as follows: On April 16, 1974 Farmers Bank loaned Anchor $100...

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