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The warehouse receipts were levied against paper belonging to P. This paper was special because it was no longer available for purchase by reason of the fact that the original seller is now in bankruptcy and the particular kind and quality of paper represented by the warehouse receipts cannot be purchased elsewhere. P has been using this particular type of paper in the manufacture of certain articles. P will have to begin to use another kind of paper in the manufacture of its products, at which time P cannot then use the paper represented by the warehouse receipts, in which event it will be of no value to P and have little or no market value. D held the warehouse receipts for the paper and refused to deliver them so P could use it. P motioned the court of equity to grant relief and to order an exchange of the receipts for an adequate cash payment.

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