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Our Subscribers Say...
I think Credit Today is fantastic. You cover many practical topics in the credit field that I use regularly. Just one recent example—a conversation on the ListServ about preferential payments—gave me tips that I used in an actual case. The specific information I picked up from this one discussion saved me $10,000, enough to cover my membership for many years!
- Steve Savino
Manager of Credit & Collections, ASSA Abloy Americas Division, New Haven, CT
Credit Today's Resource Directory and their online e-mail forum (ListServ) provide information on almost any credit-related topic you can think of. It is a great way to exchange information with other credit professionals. As the saying goes, "You don't know what you don't know."
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Credit Manager, Big Lots Stores, Inc., Wholesale Division
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The Credit Today ListServ has become the pre-imminent online forum, providing an opportunity for discussion and comments (and occasional humor) from an impressive list of credit professionals."
David Dungan, Director of Credit
Justin Brands, Inc. (A Berkshire Hathaway company)
Fort Worth, Texas
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Ron Woods
Corporate Credit Manager-World Wide
Thales Navigation, Inc.
"The newsletter, coupled with the website and the ListServ, are to us, more valuable than any other credit publication, bar none. I try to use at least one article out of each newsletter for departmental training/discussion sessions."
D. Mark Constantine
Corporate Credit Mgr
Fulton Paper Company
"I love Credit Today and read every issue cover to cover. For me, the greatest perk of a subscription is ListServ. I believe Credit Today's ListServ members may be the most knowledgeable Credit brain trust in existence today. I have saved and categorized hundreds of contributions on a wide variety of topics which I refer to often. It's an easy and cost effective way to network and learn."
Doug M. Thomas
Kimberly-Clark Customer Financial Services |
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Is a confirmation letter enough to prove a debtor has assigned its rights to an account?
"You should be sending your payments directly to the bank, not to Doug Cugan," announced Frank Tulsa of First County Bank. "That's not what Cugan says," replied George Summers. "He said he never really assigned his rights to our payments over to your bank. He said you sent him a security agreement and two financing statements, but he didn't sign them. Therefore, we couldn't send our payments to you. In fact, if we had, Cugan threatened to take us to court."
"We have a letter that shows Cugan intended to assign your account to this bank as collateral for a line of credit," Tulsa argued. "The letter clearly states that we have a right to collect all proceeds from your account. It names your company and it is signed by Cugan. Besides, we sent you a notice stating that you had to send payments directly to this bank. You signed that form and sent it back to us." "That was before we knew you didn't have a valid agreement with Cugan."
"But we do have a valid agreement," Tulsa insisted. "All the UCC requires is that we have a written document that describes the collateral, the intent to assign the collateral, and the debtor's signature. Cugan's letter meets all of those requirements." "That's not what Cugan said," Summers repeated. "He said he was going to agree to the arrangement, but then thought better of it. That's why he didn't sign the forms. We couldn't send payments directly to you. Cugan would have taken us to court." "Well, by avoiding Cugan's lawsuit, you've walked right into ours," Tulsa snapped. "We'll see you in court." "You're wasting your time," Summers warned. "You never had a valid agreement with Cugan." Is he correct? Make your decision: then click "next" for the court's decision.
Next >>
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Outlook 2012
This month's survey explores...
- What the top problems are facing credit execs currently, and
- What the top improvement initiatives are.
Click here to participate!
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