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Commercial Law

1992

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Priorities In Accounts: The Crazy Quilt Of Current Law And A Proposal For Reform, Dan T. Coenen Oct 1992

Priorities In Accounts: The Crazy Quilt Of Current Law And A Proposal For Reform, Dan T. Coenen

Scholarly Works

Moe Promisee has a right under a contract to receive monetary payments from Mae Promisor. Moe assigns his right first to Faye and then to Clay. Whom must Mae pay, Faye or Clay? For more than a century, judges have struggled with successive assignments to different persons of the same contract right. These cases which typically involve rights to monetary payments called "accounts" have generated subtleties of doctrine and disagreements among courts. Today, as a general rule, the Uniform Commercial Code controls these cases. Ambiguities, however, lurk in the code. Cryptic common-law doctrines also continue to govern many successive-assignment problems. …