Guilford Industries, Inc., had a factoring agreement with FNB Financial Company as well as with its predecessors in interest. FNB lent money to Guilford based upon assignments of accounts receivable. FNB provided a further service of guaranteeing payment of certain accounts receivable if the account debtor was deemed by FNB to be creditworthy. Such arrangement, therefore, would place the burden of loss, in the event of insolvency of an account debtor, on FNB rather than Guilford...
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