Pedi Bares, Inc. v. First National Bank

The opinion of the court was delivered by This is an appeal by plaintiff-appellant from an order of the district court sustaining a motion by defendant for summary judgment. In 1963, plaintiff, a manufacturer of ladies slippers and baby shoes, moved its business from San Francisco, California, to Neodesha, Kansas. Plaintiff entered into an arrangement with defendant for a line of credit whereby plaintiff would execute renewable 60-day notes to defendant. The notes, and loans evidenced thereby, were secured by an assignment of plaintiff's accounts receivable and a copy of the invoice for each sale made by plaintiff was furnished to defendant. Checks received in payment of the accounts were deposited and 80% would be [223 Kan. 478]