[Download] "Craigs, Inc. v. General Electric Capital Corp." by United States Court of Appeals for the Seventh Circuit * Book PDF Kindle ePub Free

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eBook details

• Title: Craigs, Inc. v. General Electric Capital Corp.
• Author : United States Court of Appeals for the Seventh Circuit
• Release Date : January 21, 1993
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 70 KB

Description

KANNE, Circuit Judge. In 1983, Craigs, Incorporated, (""Craigs"") a Wisconsin retailer, entered into a Revolving Credit Merchant Agreement (""Agreement"") with General Electric Credit Corporation (""GECC"") of New York. Pursuant to the Agreement, Craigs agreed to sell to GECC certain of its private label credit card accounts with customers of the retail stores it owned and operated. Customers of the Craigs stores would purchase merchandise using the ""Craigs"" credit cards and Craigs would then sell these accounts, including their outstanding balances, to GECC. The agreement allowed GECC to collect and service the credit card accounts, but Craigs retained the right to issue the credit cards. Shortly before November 6, 1989, GECC notified Craigs that it had sold some of the accounts it purchased from Craigs to Associate National Bank (""ANB"") of Connecticut and that ANB planned to replace the private label ""Craigs"" credit cards with ""Visa"" cards. At the same time, GECC provided 90 days notice of its intent to terminate the Agreement.1 GECC followed its verbal notification with a letter to Craigs dated November 6, 1989, confirming its intention to terminate the Agreement. In the letter, GECC stated that it expected Craigs to honor its obligation to repurchase any accounts held by GECC upon termination of the Agreement.

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