Selling Receivables Is Called In Michigan

• Category: Loans and Lending - Accounts Receivables
• State: Multi-State
• Control #: US-00402
• Format: Word; Rich Text

Description

Selling receivables is called accounts receivable sales in Michigan. This form facilitates the transfer of ownership of accounts from the seller to the buyer, outlining essential agreements between both parties. Key features include the listing of accounts as specified in Exhibit 'A', seller representations regarding the validity and condition of the accounts, and provisions regarding payment contingencies. Buyers are granted a specific period to inspect the accounts and may cancel the contract if unsatisfied. This form can be particularly useful for attorneys, partners, and business owners engaged in transactions involving accounts receivable, providing them with a clear structure to formalize sales. Paralegals and legal assistants will benefit from understanding the terms of the agreement to assist their clients effectively. The straightforward language of the document makes it accessible for users with varying levels of legal experience, ensuring clarity in expectations and obligations throughout the sales process.