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Eastern Acceptance Corp. v. Camden Trust Co.

Decided: September 24, 1959.

EASTERN ACCEPTANCE CORPORATION, A CORPORATION OF THE COMMONWEALTH OF PENNSYLVANIA, PLAINTIFF,
v.
CAMDEN TRUST COMPANY, A BANKING INSTITUTION OF THE STATE OF NEW JERSEY, DEFENDANT



Dzick, J.c.c.

Dzick

The above matter was submitted to the court upon an agreed statement of facts with exhibits, depositions and memorandum of law. The agreed statement of facts as submitted by the parties is as follows:

J.O. Evaul, Inc., a corporation of New Jersey (hereinafter called "Evaul"), was an automobile dealer in Audubon, New Jersey, selling used and new automobiles to the retail

market. During the course of business of Evaul, it financed its purchase of new automobiles from Chrysler Motor Company through Eastern. Eastern is a finance corporation in the business of financing the wholesale and retail purchase of automobiles. The method of financing was by way of trust receipts with Eastern. Evaul executed powers of attorney to Eastern to facilitate such financing and the execution of the necessary papers. On December 24, 1948, by resolution of the board of directors of Evaul, Joseph J. Mullan, Perry B. Balzer and George J. McCutcheon, personnel of Eastern, were authorized to conduct and carry on the business of Evaul and in conjunction therewith were empowered to make, execute, sign, seal, endorse and deliver bonds, notes, chattel mortgages, trust receipts, bills of sale, conditional sale contracts, lease agreements, specialties and other instruments in writing in relation to matters and dealings between Evaul and Eastern. A copy of this resolution is annexed hereto as Exhibit 1. Pursuant to said resolution, a power of attorney from Evaul to the three above-named individuals was executed setting forth the above-mentioned powers. (Exhibit 2.)

A further resolution of Evaul, dated January 7, 1953, granted like powers to R. L. Myers, J. F. Arace and F. J. Lendemer, again personnel of Eastern. (Exhibit 3.) Thereafter, in conjunction with said resolution, a power of attorney to the above three named individuals was executed by Evaul. (Exhibit 4.) These powers of attorney were never terminated by Evaul.

On October 9, 1957 a statement of trust receipt financing was executed by Eastern and Evaul. Said statement of trust receipt financing was thereafter filed, as shown by the stamp thereon, with the Secretary of State of New Jersey on October 10, 1957. (Exhibit 5.) On the same date, October 9, 1957, Evaul and Eastern executed an agreement stating that all financing transactions hereinafter to be conducted are intended to be pursuant to the statement of trust receipt financing and governed by the Trust Receipts

Law of New Jersey. Said agreement further stated that any and all automobiles so financed will be covered by trust receipts. (Exhibit 6.)

There are three automobiles involved in this replevin action. They are listed by make and serial number as follows:

Car No. 1 Plymouth LP2N11678

Car No. 2 DeSoto LS 111503

Car No. 3 Plymouth ...


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