Factors and Actors
June 15th, 2018
In June, 2018, at the 50th annual meeting of FCI, fka Factors Chain International, in Amsterdam, The Netherlands, attendees were presented with complimentary copies of a newly published book, P. DeVillepin, Ed., FACTORS AND ACTORS (Peter Lang, Brussels, 2018). Chapter 9 therein, pgs. 122-135, the largest chapter in the work, titled Early Growth of Factoring in America from 1628 to 1960, was co-authored by David B. Tatge of David B. Tatge, PLLC and Jeremy B. Tatge of Capitol National Factors Company, LLC. This chapter traces the evolution of factoring in America, from the rudimentary early common law factoring contract of 1628 struck between certain leading Pilgrims in the Massachusetts Bay Colony and their factors in London, to the modern old-line (nonrecourse) factoring agreements which arose in New York City between 1895 and 1960, at which time modern old-line factoring was exported from America back to England, where it is known as “full service” factoring. Mr. DeVillepin is the head of factoring, world-wide, for Bank Paribas in Paris.