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EFFECT OF PAYMENT BY THE DEBTOR AFTER ASSIGNMENT OF Perfected from the moment there is a meeting of minds upon the
CREDIT things promised by each party in consideration of the other.
1. Before notice of the assignment Consummated from the time of mutual delivery by the contracting
- Payment to the original creditor is valid and debtor shall parties at the things promised.
be released from his obligation.
2. After notice BULK SALES LAW
- Payment to the original creditor is not valid as against the
assignee. Designed to prevent the defrauding of creditors by the secret sale in
- He can be made to pay again by the assignee. bulk of all or substantially all of a merchant’s stock of goods.
EFFECTS OF RATIFICATION
1. Comply with all the obligations which the agent may have
contracted within the scope of his authority.
2. To advance to the agent sums necessary for the execution of
the agency, when agent so requests.
3. To reimburse all advances including interest made by the agent
provided the agent is free from fault, even if the business is not
successful.