By Professor Raymond Westbrook, Richard Jasnow
Collectors have continuously sought the security of the legislation to safe themselves opposed to loss if the debtor can't or won't pay the debt. This quantity examines the felony tools of safety on hand to collectors within the earliest identified felony platforms, their use and abuse, and the ways that the legislations sought to fulfill the differing pursuits of collectors, borrowers, and society often, with various levels of luck. The publication covers the entire significant felony platforms of the traditional close to East, from Sumer to Ptolemaic Egypt, in addition to comparative ancient advancements as much as the current day. Twelve students have each one contributed a examine in their exact interval of craftsmanship, whereas the overall matters that come up from their examine are mentioned in a concluding bankruptcy.
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Additional info for Security for Debt in Ancient Near Eastern Law (Culture and History of the Ancient Near East)
Sample text
These correspondents were charged with the responsibility of making inquiries on the retail merchants in their community and of presenting written reports to the Mercantile Agency in New York. As demonstrated by the following credit report, Tappan encouraged his correspondents to include information on the merchant's personal life and morality: 63 James Samson is a peddler, aged 30; he comes to Albany to buy his goods, and then peddles them out along the canal from Albany to Buffalo. He is worth 12,000; owns a wooden house at Lockport.
Prior to releasing the bill of lading to the buyer, the buyer's bank normally expects either payment or the execution of another instrument giving the bank a security interest in the goods. In the United States, that instrument used to be the trust receipt, which has now been subsumed under the unitary security agreement recognized by the Uniform Commercial Code. T h e trust receipt allowed the buyer to process or even sell the goods without the entrusting party (the bank) losing its security interest.
Both the U C P and the Code rules seek to insure that the seller receives payment upon presentation of facially adequate documents. Any dispute between the buyer and the seller over the quality of the goods or other matters must be resolved later, most likely in a lawsuit brought by the buyer in the seller's home forum. IV. CONCLUSION There is one security device—potentially a very effective one—which the Anglo-American common law has, fortunately, almost never adopted: debt slavery. e. to pressure the debtor to disclose his assets or the debtor's family and friends to come to his aid.