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GUILFORD MILLS, INC. v. POWERS

No. 8818SC1305.

382 S.E.2d 456 (1989)

GUILFORD MILLS, INC., a Delaware corporation, v. Helen A. POWERS, Secretary of Revenue of the State of North Carolina.

Court of Appeals of North Carolina.

September 5, 1989.

Attorney(s) appearing for the Case

Floyd Greeson Allen and Jacobs by Jack W. Floyd and Robert V. Shaver, Greensboro, for plaintiff-appellant.

Atty. Gen. Lacy H. Thornburg by Asst. Atty. Gen. Marilyn R. Mudge, Raleigh, for defendant-appellee.

JOHNSON, Judge.

Plaintiff is engaged in the business of manufacturing and selling textiles. Plaintiff establishes trade accounts with its customers and enters into written agreements with commercial factors which provide that the factors will purchase plaintiff's trade accounts. A factor assumes the risk that it will not be able to collect an account after it has purchased that account. When a factor purchases an account, it becomes indebted to plaintiff according...

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