| American Factoring Law, with 2016 Cumulative Supplement, from Bloomberg BNA Books
The authors of American Factoring Law have stepped up and filled the void that existed for a resource on American factoring law, practice, and procedure. This one-of-a-kind treatise is the first comprehensive work ever written in America on the subject, providing a detailed analysis of the legal and business issues of factors and factoring transactions.
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American Factoring Law delves into the complex topics involved in factoring by American factors, including:
• When a sale constitutes a true sale of the accounts to the factor, and when it does not;
• The nature and treatment of a factor’s advances to its client;
• The timing and character of a factor’s charge-back of purchased accounts to the client, and distinctions between charge-backs rooted in quality recourse from those rooted in credit recourse;
• Factoring of accounts without recourse, as compared to the factoring of accounts on a partial nonrecourse, partial recourse, split risk, or a full recourse basis;
• Accounting for factoring transactions under GAAP, from both the factor-side and the client-side, with illustrations from actual SEC filings, and coverage of the effects of newly enacted SFAS No. 166, an amendment of SFAS No. 140 (eff. 2010);
• Litigation between factors and their clients, factors and client customers, factors and guarantors of the client, factors and third-party lenders; factors and third party factors, inter se, factors and bankruptcy estates, and factors and tax authorities;
• Issues that arise when a factor’s client goes bankrupt;
• Difference between full guarantees, limited guarantees, and validity guarantees taken by factors, and how they do (or should) impact the true sale analysis;
• Relationships between the factor and its funding sources, including refactoring, participation agreements among factors, and relationships between factors and their lenders who provide rediscounting credit lines;
• Purchase order financing and letters of credit provided by factors;
• Takeover transactions involving factors;
• Tax matters relevant to factors, including set-offs by the government, as a unitary creditor, when governmental accounts are factored; when a particular funding transaction is and is not treated as a "true sale" for federal income tax purposes; and how factors deal with federal tax liens and with levies by federal tax authorities, as well as subordination agreements between factors and the IRS
The 2016 Cumulative Supplement includes: recent developments in the factoring industry and the impact of economic forces, with a focus on the monetary policies of the Federal Reserve and other central bankers ; a comprehensive review of historical decisions on factoring law from the courts of England, several of which were recently located and originally cited by American judges developing early American factoring law; an expanded chapter covering supply chain financing (reverse factoring) as well as recent court rulings on purchase order financing, litigation funding, and merchant cash advance (MCA) transactions; a review of recent judicial decisions on the true-sale of accounts to a factor; discussion of disputes between factors and account debtors, including a commercial factor's action against an alleged account debtor who paid the factor’s client over notice, and the factor’s associated claim for conversion; a wealth of new material on bankruptcy issues which impact commercial factors such as factors denying an individual debtor’s general bankruptcy discharge or the particular indebtedness to the factor, and the difference between a post-petition “recoupment” and a post-petition "set-off."
Authors: David B. Tatge, David Flaxman, Jeremy B. Tatge and Robert W. Franklin
For more information and to purchase this book, contact David Tatge, Esq. at 703-991-6087 or