Bank Credit-card and Check-credit Plans, Hearings Before the Subcommittee on Financial Institutions of ..., 90-2 ..., October 9 and 10, 1968 |
Common terms and phrases
accept the card American Bankers Association American Express amount application form BAILEY bank credit cards bankrupt bankruptcy court Bankruptcy Division BERGSTEN Betty Furness bill BRIMMER card and check card holder card issuers cardholder Chairman charge card check credit plans clause Committee consumer bankruptcy consumer credit contract cost credit card plans Credit Counseling D.C. DEAR debtor debts Diners Federal Reserve System filed finance fraud losses garnishment identification impact of credit JACKSON legislation liability limit loan loss or theft lost or stolen Massachusetts ment merchant Miss FURNESS notice notify the issuer oil companies operation payment Percent of total person problem purchases question reason received Referee in Bankruptcy retail ruptcy sales slips secured creditors Senator MCINTYRE Senator PROXMIRE signature statement statute stolen cards subcommittee sumer supra note U.S. Courts unauthorized Uniform Commercial Code unsolicited cards unsolicited credit cards unsolicited distribution William Proxmire WILLIER
Popular passages
Page 112 - Conspicuous": A term or clause is conspicuous when it is so written that a reasonable person against whom it is to operate ought to have noticed it. A printed heading in capitals (as: NON-NEGOTIABLE BILL OP LADING) is conspicuous. Language in the body of a form is "conspicuous" if it is in larger or other contrasting type or color.
Page 42 - For several years the Advisory Committee on Bankruptcy Rules of the Judicial Conference of the United States...
Page 112 - conspicuous" or not is for decision by the court. (11) "Contract" means the total legal obligation which results from the parties ' agreement as affected by this Act and any other applicable rules of law.
Page 118 - ... exercise reasonable care and promptness to examine the statement and items to discover his unauthorized signature or any alteration on an item and must notify the bank promptly after discovery thereof.
Page 114 - ... available for withdrawal as of right, to the extent of the credit given whether or not the credit is drawn upon and whether or not there is a right of chargeback; or (c) if it makes an advance on or against the item.
Page 114 - ... (b) in all other cases as against its customer, an issuer acting in good faith may honor the draft or demand for payment despite notification from the customer of fraud, forgery or other defect not apparent on the face of the documents but a court of appropriate jurisdiction may enjoin such honor.
Page 35 - Royal E. Jackson, Chief of the Bankruptcy Division of the Administrative Office of the United States Courts. I have served...
Page 109 - The issuance of the card to the defendant amounted to a mere offer on plaintiff's part, and the contract became entire when defendant retained the card and thereafter made use of it. The card itself then constituted a formal and binding contract. In the Eimco case there was a question of fact as to whether such a formal contract was ever entered into. The questions raised in the case now at issue were discussed at great length in the case of Union Oil v. Lull, supra.
Page 45 - MAIL Referee Dale E. Ihlenfeldt, speaking for the three referees in the Eastern Distinct of Wisconsin, wrote that whenever they have asked a bankrupt about credit cards: "Without exception, each testified that the card came to him unsolicited in the mail. Most, if not all, of them were already seriously overextended in consumer credit, and received this card in the mail was like a gift from Santa Claus.
Page 48 - Total filings of all types of bankruptcy cases by fiscal years ending June SO of each year from 1900 through June...