Last month the Missouri Supreme Court handed down a decision concerning a failure of proof in establishing chain of title on assignment of debt. The decision itself is unremarkable and you can read it here CACH v. Askew. The problem was simple – no testimony was proffered concerning the account being included in the prior assignee’s bill of sale, rather the trial court inferred the account was included in a “Schedule A” which should have been, but was not, attached to the prior assignee’s bill of sale.
A few years back I participated in a teleconference for ACA International explaining bill of sale forms and steps the industry can take to avoid these pitfalls. Contact ACA if you are interested in the presentation.
A big hat tip to my colleague Ralph Wutscher, Esq. at McGinnis Tessitore Wutscher LLP
in Chicago for alerting me to this decision.
