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PostPosted: Sat Sep 23, 2006 7:00 am 
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The FTC Holder Notice prevents true negotiability since the holder is not entitled to the rights or status as a holder in due course. Pratt v. North Dixie Manufactured Housing, Ltd., 2003 WestLaw 21040658 [Ohio App. 6 Dist. 2003]; Bryant v. Mortgage Capital Resource Corp., 197 F.Supp.2d 1357 [U.S.D.C. N.D. Ga. 2002]; Green Tree Acceptance, Inc. v. Pirtle, 1999 WestLaw 33740367 [U.S.D.C. E.D. Mich. 1999].

Federal law mandates inclusion of the FTC Holder Rule notice in consumer credit contracts. Beemus v. Interstate Nat. Dealer Services, Inc., 823 A.2d 979 [Pa. Super. 2003]. The Holder Rule is a remedial measure adopted for the protection of consumers and thus should be interpreted broadly to effectuate this intent. 41 Fed.Reg. at 20023. It is intended to provide “both a shield and a [small] sword to consumers...." Crews v. Altavista Motors, Inc., 65 F.Supp.2d 388, 391 [U.S.D.C. W.D. Va. 1999].

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David Szwak
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Bodenheimer, Jones & Szwak
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