window.googletag = window.googletag || {cmd: []}; window.googletag = window.googletag || {cmd: []}; Staffing Agencies. Unless the assignee complies, the account debtor may discharge its obligation by paying the assignor, even if the account debtor has received a notification under subsection (a). Of note, Express Freight Factoring is a member of the International Factoring Association. Get a reliable factoring company that doesn't require contracts or charge hidden fees. Details. CDL Grad, No Experience
Major Update: Thursday 7/28/2022, 2pm cst. A good factoring partner will have tools and expertise that help you with everything you need, not just same-day cash. PMB 2108, window.googletag = window.googletag || {cmd: []}; googletag.pubads().collapseEmptyDivs(); googletag.cmd.push(function() { The worst of the CoreFund fiasco is over: yesterday (July 28, 2022), the judge in the court case about the factoring company appointed a trustee on behalf of CoreFund Capital. He issued the following statement about the factoring companys ongoing lawsuit on LinkedIn. CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. We hope the staff of CoreFund Capital are being taken care of. The parties involved argued over the appointment of a receiver and no ruling for a receiver was made. A debtor whose deficiency is eliminated under Section 9-626 may recover damages for the loss of any surplus. Corefund Capital screwed their customers. may not otherwise recover under subsection (b) for noncompliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance. START FACTORING TODAY - Click Here Built by Truckers For Truckers 1. The hard part is over and the judge appointed a receiver in the CoreFund case. Because CoreFund is closed and is not replying to any request, it is reasonable to assume they will also not be sending NOAs upon request either this possibly allowing brokers to send payments elsewhere since they do not have a current NOA as requested. CoreFund is a wholly owned subsidiary of GMA Fund LLC, the holding company for the Shim Sacks Family Legacy Trust, which he created in October 2014. Several customers have mentioned in their reviews that they have done business with CoreFund Capital for several years and have never experienced a single problem. jmedley@spencerfane.com. 24 were here. However, late Thursday, Parker County, Texas, District Judge Graham Quisenberry appointed a receiver on behalf of CoreFund, which may help truckers gain access to funds more quickly. The receiver also stated that they are fine with clients calling their CoreFund account executive and requesting a buyout as well. 3) No TheTruckersReport.com comments It also names CoreFunds longtime president, Bonnie Castillo, as the sole manager of CoreFund. Ideally, these things happen and you are then free to move onto a new factoring company without issue. Please know that every employee of CoreFund wishes more than anything we could have continued funding our clients and now that we could release them and end this awful mess but even if we terminated a UCC or sent a release letter it would not be enforceable given we are no longer employees of CoreFund. Great article for financing spectators such as us along side informative work around to make sure we have the back bone strong enough to handle all our clients through this. I had a carrier trying to get us to pay him directly hes called me a dozen times today but theres nothing we can do until we have a notice of assignment from CoreFund that this trucking company has gone to them for funding and CoreFund sends us an invoice, which we will pay the same day, Ginevra told FreightWaves. Financial Services . CoreFund Capital Freight/Invoice Factoring. Q. googletag.defineSlot('/21776187881/fw-responsive-main_content-slot5', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767778941-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); If you provide me with your company name and contact information, we will be getting terminations of the factoring agreement, UCC3 Lien Terminations, Revocations of the Notice of Assignment to your account debtors/customers, and confirmation of any amount owed to CoreFund or owed to you by CoreFund. googletag.enableServices(); googletag.pubads().collapseEmptyDivs(); }); I told the judge that when elephants fight, the whole world shakes, Medley told FreightWaves. CoreFund Capital: How Express Freight Finance is Helping July 26, 2022 Is Freight Factoring Worth it? In a status hearing via videoconference on Wednesday with factoring companies, as well as attorneys and truckers, Medley said carriers just want to get back to work even if that means leaving CoreFund for another factoring company. googletag.defineSlot('/21776187881/fw-responsive-main_content-slot2', [[468, 60], [728, 90], [300, 100], [320, 50]], 'div-gpt-ad-1665767472470-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); An agreement between the debtor and secured party which prohibits a transfer of the debtors rights in collateral or makes the transfer a default does not prevent the transfer from taking effect. googletag.pubads().collapseEmptyDivs(); Harris is experienced in a range of factoring operations. the courts order moves us much closer to addressing the needs of CoreFunds factoring customers.. CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. I have several carriers and other factors I am assisting with this, and Im sure other attorneys are too. Not likely. It not only details their actions, but also provides their home address., CoreFund Capital Facebook post, 7/23/2022 at 10:00pm cst. While the effect is not immediate the receiver still needs to officially step into the process by paying a bond, etc. googletag.defineSlot('/21776187881/fw-responsive-main_content-slot2', [[728, 90], [468, 60], [320, 50], [300, 100]], 'div-gpt-ad-1665767737710-0').defineSizeMapping(gptSizeMaps.banner1).addService(googletag.pubads()); Buckalew was hired to work with CoreFunds communications team and the receiver to address carriers concerns. This will expedite helping you move on to a new factor, without waiving the right to get your Reserves released (that will be step 2). There are additional workarounds that can be explored.. AVOID THESE PREDATORY FACTORING COMPANIES. No matter what you do, We will continue to be here to help you. window.googletag = window.googletag || {cmd: []}; The petition states that CoreFunds bank accounts (and thus entire business) have been wrongly shut down. They also needed a revocation of a notice of assignment that is sent to the truckers customers instructing them to make a payment to CoreFund, which in turn pays them. This section refers to defaulting on the contract. These are formal, public records from your factoring company of the debt youve incurred, including any current factoring agreements. 1) No Information / feedback online company is too new. Spencer Fane LLP 3040 Post Oak Blvd., Suite 1300 | Houston, TX 77056-6560 var gptSlot = googletag.defineSlot('/21776187881/FW-Responsive-Main_Content-Slot1', [[728, 90], [468, 60], [300, 100], [320, 50]], 'div-gpt-ad-b1-i-fw-ad-1').defineSizeMapping(gptSizeMaps.banner1).setCollapseEmptyDiv(true).addService(googletag.pubads()); #notsofriendlyfactor, Clarissa has covered all aspects of the trucking industry for 14 years. Harris is experienced in a range of factoring operations. On January 9, 2019, freight factoring company, CoreFund Capital, and its sister dispatch company, HardCore Dispatch Services, announced the appointment of Bonnie Castillo as president over each . He warned factoring companies to be cautious if they decided to fund truckers because of the UCC liens and the notice of assignments that are still in place with CoreFund. | CoreFund Capital LLC is a premier provider of financial services, specializing in business financing through invoice factoring services. Our Take: Simply put, if the secured party (CoreFund) is not following the UCC regulations you have the right to file a lawsuit against them for damages incurred due to their failure to comply. You most often will hear of UCCs if one of your customers refuses payments to your factor or, in the case of CoreFunds closing, if the factor does not make good on their payments to their carriers. Brokerages and factoring companies say they are powerless to help the truckers until CoreFund releases the UCC-1 (Uniform Commercial Code) liens filed by the factoring company against carriers assets. As of 7/24/2022, Frost Bank and TBK Bank have been served, but Wakefield and Sacks have not according to court records. Review fromDeborah V. 5 stars. altLine The Southern Bank Company - Low fees, accounts receivable-based financing. Our staff is hurting and struggling with this as we were completely blindsided, Waller wrote. You most often will hear of UCCs if one of your customers refuses payments to your factor or, in the case of CoreFund's closing, if the factor does not make good on their payments to their carriers. 4) No RipOffReport.com reports filed It has been sent. Here an argument can be made that CoreFund did deem itself insecure and unable to perform its obligations through a series of Facebook comments made by its official Facebook account stating, We sincerely apologize for this situation and understand our clients who count on us are rightfully upset. (2) if the collateral is consumer goods, a person that was a debtor or a secondary obligor at the time a secured party failed to comply with this part may recover for that failure in any event an amount not less than the credit service charge plus 10 percent of the principal amount of the obligation or the time-price differential plus 10 percent of the cash price. They answer questions and handle our business promptly in a professional and courteous manner. -Todd Waller. Additionally we are saddened and sickened by how this is impacting our clients who we consider family and we are legally unable to do anything to help as they struggle to stay in business. If it is established that a secured party is not proceeding in accordance with this article, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and conditions. Attorney Jason Medley also stated his team has an emergency order ready to be filed Friday night if it doesnt look like progress with terminations have been made. Were hoping the receiver thats appointed will be able to get them released from CoreFund because until then, we cant help them.. (c) [Persons entitled to recover damages; statutory damages in consumer-goods transaction.]. They are also attempting to help as much as they are able. Or call us, Sales: 877-807-3006 Unless the assignee complies, the account debtor may discharge its obligation by paying the assignor, even if the account debtor has received a notification under subsection (a). Except as otherwise provided in subsection (b) and Sections 9-406, 9-407, 9-408, and 9-409, whether a debtors rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this article. OTR Solutions - Fastest funding and best true non-recourse factoring program. By providing your email, you indicate you have read and understood our Now some of you may have noticed in your CoreFund contract Section 17.1.1(c) and (d). You save time by having your loan or lease directed to the most appropriate funding source. Your email address will not be published. We wont look for reasons to come back at you for money like everyone else does. Thank you everyone. First, none of the information below constitutes legal advice, and you should consult an attorney. I feel for these guys because many are living load to load right now, but we legally cant pay the carriers directly because we have to pay CoreFund first.. }); She said Hassenger plans to release the carriers that want to find a new factoring company but that many are choosing to stay with CoreFund.. DELIVER LOAD Deliver your load and get a signed Bill of Lading or other required paperwork. If this process runs as planned, our fees will be very manageable and divided among the group. According to court documents, Meir "Shim" Sacks founded CoreFund Capital in 2014. CoreFund Capital | Weatherford TX CoreFund Capital trying to run business as normal for carriers during receivership however they have been met with numerous road blocks provided by numerous not so friendly factors, however the largest roadblock at this moment is Triumph Business Capital also known as TBK Bank holding well over 2 million dollars, for funding from CoreFund Capital. We dont have a timeframe on when the courts can take the matter up and rule, so it is recommended that clients proceed to send a 20 day UCC termination demand letter to CoreFund as we explained below under 9-509. . A freight factoring line from Charter Capital is your solution for obtaining funds and services to operate and grow your trucking company. NOT SO FRIENDLY FACTOR TRIUMPH BUSINESS CAPITAL. is not proceeding in accordance with this article, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and conditions. Harris has 20 years of experience in the factoring industry, working in general factoring early in her career and specializing in transportation factoring for the past 17 years. We are truckers too who decided we were tired of the bad factoring companies so we started LoadX. CoreFund Capital's services include: Non-recourse factoring programs Same-day payments Full advance programs We know this situation has been disastrous for many owner-operators and trucking companies. I truly can't be more thankful to this company and it's staff for doing everything they say they will do. Our best advise is to speak with an attorney. Werner, Erin
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