Selling Receivables Is Called In Virginia

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

Description

Selling receivables is a transaction in Virginia where a seller transfers ownership of their accounts receivable to a buyer, typically in exchange for immediate cash. This Contract for the Sale of Accounts Receivable outlines the rights and responsibilities of both parties involved in the sale. It includes key features such as the comprehensive listing of accounts on an attached exhibit, seller representations regarding the validity and status of the accounts, and stipulations on any contingent payments or existing defenses against the accounts. Users can edit the form by filling in specific details related to the parties involved, including names, dates, and account information. The form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants by providing a clear structure to facilitate the selling of receivables. It helps protect buyers by ensuring due diligence, offering a cancellation option if the accounts do not meet expectations, and clarifying the conditions under which the buyer can reconvey accounts in default. This clarity assists legal professionals in advising their clients, thereby promoting informed decision-making in financial transactions.