B-131183, MAR. 13, 1958

THE SECURITY-FIRST NATIONAL BANK OF LOS ANGELES CLAIMS IT IS ENTITLED TO THE PROCEEDS OF THE CHECK BY VIRTUE OF AN ASSIGNMENT EXECUTED JULY 11. THIS ASSIGNMENT WAS EFFECTED PURSUANT TO THE ASSIGNMENT OF CLAIMS ACT OF 1940. IT IS UNDERSTOOD THE AIR FORCE CONTRACT REFERRED TO CONTAINED THE USUAL "NO SET-OFF" CLAUSE. TO THE BANK AT THE TIME THE GOVERNMENT'S TAX LIEN WAS ASSERTED AND SATISFIED IN THE MANNER ABOVE INDICATED. THAT THE CLAIM OF THE GOVERNMENT WAS SUPERIOR TO THAT OF THE BANK AND. WAS NOT PAID ON JULY 26. AS WAS PREVIOUSLY REPORTED. MERELY WAS RENEWED ON THAT DATE. 000 WAS ADVANCED TO THE JOINT VENTURE CONSISTING OF THE FANDERLIK-LOCKE COMPANY AND MYERS BROTHERS. IT WAS POINTED OUT THAT COMMENCING ON MARCH 6.