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Bills And Notes - Holder In Due Course - Notice Of Infirmity In Instrument To Finance Company Closely Connected To Dealer, William G. Cloon, Jr. S.Ed.
Bills And Notes - Holder In Due Course - Notice Of Infirmity In Instrument To Finance Company Closely Connected To Dealer, William G. Cloon, Jr. S.Ed.
Michigan Law Review
The defendant purchased a car from a dealer who represented it to be a new demonstrator. In fact, the car was a used one. The defendant executed a negotiable note for the balance of the purchase price and a chattel mortgage on forms which were furnished the dealer by the plaintiff finance company. The dealer handled the paper, but the plaintiff was to finance the sale and the note was payable at the office of the plaintiff. Both the bill of sale and the chattel mortgage described the car as a new demonstrator. The note was indorsed in blank by …
Sales-Automobile Dealer Financing And The Bona Fide Purchaser, Robert M. Barton S. Ed.
Sales-Automobile Dealer Financing And The Bona Fide Purchaser, Robert M. Barton S. Ed.
Michigan Law Review
With the prospect of increased manufacture of automobiles for civilian use, the problem of financing the dealer and his customers will again loom large. In the past the burden has largely been assumed not by banks, whose credit practices and collection machinery are better adapted to short term, single payment credits, but by the finance or acceptance companies. These organizations mushroomed into prominence after World War I as retail installment selling became more and more prevalent, and with the "easy payment plan" offered by the dealer to the retail buyer, there was produced a corresponding need by the dealer himself …