Word: holder
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...consumer then tries to withhold payment-only to find that his contract has been sold by the dealer at a discount to a bank, finance company or other lender. The lender proclaims, quite correctly, that as the purchaser of a presumably valid contract-in legal parlance, as a "holder in due course"-he has no responsibility for the merchandise but has a legal right to collect the payments. The consumer is stuck: he must continue paying for a no-good product that nobody will...
...after months of hearings, the Federal Trade Commission has moved to end this nightmare. In a ruling earlier this month, the agency decreed that a holder in due course is responsible for the merchandise, that a consumer can stop payment on a faulty product-and that all that has to be spelled out in bold type on the installment contract.* Consumers may still be sued by holders in due course for payment, but they now have a legal basis for defending themselves. The move will not prevent shoddy merchandise from reaching the marketplace. But since no bank or finance company...
While the rule should inspire consumers to buy with more confidence, it does not please most lenders. Some object to the sweeping language. In reply, the FTC notes that though 40 states have passed laws defining in detail the liability of the holder in due course, few of them were really effective because merchants and lenders found loopholes. Another complaint is that the rule will force small lending institutions to do costly additional work in screening contracts. That, in turn, could lead to higher interest rates and thus harm low-income people who most need installment credit. Perhaps...
...That's how Embree beat Dwight Stones (the present world-record holder), with psyche and consistency. He used to affect me that way, but now I just ignore him. I don't set Mel goals, I set height goals," McCulloh said. He added that 7 ft. 2 in. was his goal for the Army meet last Saturday...
Died. Ernest A. (Ernie) Nevers, 72, thundering Hall of Fame fullback at Stanford, an early star for the Duluth Eskimos (1926-27) and Chicago Cardinals (1929-31) and holder of the alltime single-game scoring record for professional football (40 points); of kidney disease; in San Rafael, Calif. Nevers also pitched professionally for the St. Louis Browns from 1926 to 1928. His coach at Stanford, Glenn ("Pop") Warner, once compared him to the legendary Jim Thorpe by saying, "Nevers could do anything Thorpe could do, and Ernie always tried harder...