G.W. Palmer & Co., Inc. v. Agricap Financial Corp.

A factoring agreement under which an agricultural products distributor sells its accounts receivable to a factor at a discount is not a breach of the distributor’s fiduciary duties to growers, so the factor is not liable for the distributor’s debts to growers.  Under the Perishable Agricultural Commodities Act (PACA), a distributor of agricultural products that…