The archetypal malfunction of if a purchase is sales away from future receivables otherwise that loan, the brand new U
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“A sale is the import off assets in a thing for an expense inside the currency. The transfer of the property in a thing sold from a buyer to a seller for a price is the essence of the transaction. And the transfer is a transfer of the general or absolute property as distinguished from a special property.
That loan of cash try a binding agreement where you to brings an amount of cash to a different and the latter agrees to return at a future time a sum equivalent to that which he borrows. In order to constitute a loan there must be a contract whereby, in substance one party transfers to the other a sum of money which that other agrees to repay certainly, together with such additional sums as may be agreed upon for its use. If such be the intent of the parties, the exchange could be noticed financing in place of mention of their setting. In re Grand Union Co., 219 F 353, 356 (2d Cir. 1914) (internal citations omitted) (cited as the “classic definition of a loan” by Caze)). Therefore, provided the Merchant Cash Advance transaction does not require the Merchant to “repay the MCA loan absolutely,’ such a transaction should not be considered a loan. Continua a leggere “The archetypal malfunction of if a purchase is sales away from future receivables otherwise that loan, the brand new U” →
