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Contracts Keyed to Burton
Delacy Investments, Inc. v. Thurman
Citation:693 N.W.2d 479, 56 UCC Rep. Serv. 2d 84
Steven Thurman entered into a master repurchase and security agreement with Delacy Investments, Inc. (“Delacy”) (plaintiff). The agreement granted Delacy a security interest in all of Thurman’s rights, titles, and interests in his current and future accounts receivable. Thurman later entered into an independent-contractor agreement with Re/Max Real Estate Guide, Inc. (“Re/Max”) (defendant) In doing so, Delacy became the assignee, Thurman the assignor, and Re/Max the account debtor. A few months later, Re/Max terminated Thurman as a real estate agent. At the time of his termination, Thurman had accumulated $11,126.38 in overhead debts owed to Re/Max. Thurman was supposed to receive a $10,000 commission on a property, but the debts he owed to Re/Max exceeded the amount of his commission. As a result, Re/Max claimed a right of setoff and refused to pay assigned receivable. Delacy sued Re/Max to recover payment for Thurman’s commission.
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