Sometimes it would be impossible to demand an accounting, as that term is generally understood, from a trustee who had received money on a sale and had disappeared with the money. “The completion of this transaction marks the beginning of a new era that will provide our existing and prospective customers with expanded service offerings and greater geographic reach,” said Robert Hughes, chief executive officer of the combined organization. Mr. Hughes brings a wealth of experience in the business and nonprofit world to the job. It was in this position, the Mr. Hughes maintained profitable operations throughout the economic downtown and earned a Community Development Financial Institution designation and Minority Deposit Institution Certification from the US Treasury. Both finance companies were “entrusters” who gave “new value” and were “purchasers” as those terms are defined in section 3013 of the Civil Code. In the trust receipt on the Pontiac defendant had given Bowman liberty of sale.
After a series of board reshufflings and a change in East L.A.’s demographics to mostly Mexican Americans, Pan American began to focus almost entirely on Latino customers in the 1970s. “The first loan was for a pen of chickens,” said Hughes, who will run the merged bank. A group of ranchers and farmers established Finance and Thrift in 1925 to make small loans to their workers. Moovit, an Intel company, is the world’s leading Mobility as a Service solutions company and maker of the #1 urban mobility app. If you believe our view of your activity is unwarranted, please Contact our customer service team. At FindLaw.com, we pride ourselves on being the number one source of free legal information and resources on the web.
The bank offers a wide range of financial services for consumers and small businesses, including prime and near-prime, small-balance personal and auto loans and small-business/commercial loans, along with savings and money market accounts and certificates of deposits. Defendant permitted the Pontiac to be placed in the possession of Bowman with express authority to sell it for cash or upon such terms as it might approve in writing. The trust receipt at least contemplated that Bowman might sell it for a used car taken in part payment, with the balance paid in cash.
This maxim has been applied by our courts in deciding cases involving trust receipts. See Commercial Credit Co. v. Barney Motor Co., 10 Cal.2d 718, 76 P.2d 1181; National Funding Corporation of Calif. v. Stump, Cal.App., 133 P.2d 855. F&T was founded by a group of ranchers and farmers in 1925 to make loans to their workers and to serve the Central Valley of California, which is one of the world’s most productive agricultural regions. Pan American Bank was established in 1964 to serve under-represented and under-served consumers and small businesses of East Los Angeles, and was founded by Romana Acosta Bañuelos, the first Mexican American Treasurer of the United States. Mona A. Banuelos, a long-time Pan American board member and daughter of the bank’s founder, said, “I look forward to the new chapter in the bank’s history, furthering our commitment of serving the growing needs of our vibrant community.”
R. J. Bowman was an automobile dealer with his place of business in Visalia, California. Plaintiff and defendant were corporations authorized to finance the purchase and sale of new and used automobiles by means of trust receipts. Finance and Thrift also is an industrial loan company, an unusual charter that requires banks to maintain a higher capital cushion against losses.
We can also help you find other free or low-cost resources available. During the last several years, Mr. Hughes has also been a bank consultant, developing business plans, policies and procedures for three startup financial organizations. We have 7 Finance & Thrift locations with hours of operation and the of erp makes it valuable as a strategic planning tool. phone number. Hughes said he plans to offer his bank’s two main types of loan — for used cars and furniture — to Latinos and lower-income consumers living in East L.A. Farm hands remain the core customers, with a sprinkling of prison guards, discount-store employees and other blue-collar workers.
It had no reason to suspect that Bowman would misapply the money it paid him, even assuming that knowledge of his flooring contracts with another should have caused suspicion in this case. Again we have the misplaced confidence of defendant in Bowman as the sole cause of the loss. Ordinarily “account” means, “A detailed statement of the mutual demands in the nature of debt and credit between parties, arising out of contracts or some fiduciary relation.” Black’s Law Dictionary, 3d Ed. Accounting usually is striking a balance between debits and credits showing a balance due, if any.
