|Buying Paper With Recourse: Lender Can Demand Protection
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|Author:||admin [ Sat Sep 23, 2006 6:31 am ]|
|Post subject:||Buying Paper With Recourse: Lender Can Demand Protection|
Financing agencies that buy consumer paper from merchants should have little trouble demanding protection when they receive the assignment. The creditor faced with the loss of the holder in due course defense against the victimized consumer has a variety of acceptable options, for example, buy the commercial paper with some type of recourse, or protect against losses by raising the interest rate or purchase insurance. Scott v. Mayflower Home Imp. Corp., 363 N.J.Super. 145, 831 A.2d 564 [N.J. Super. L. 2001].
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