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Question
On May 2, Kurtz Co. assigned its entire interest in a $70,000 account receivable due in 60 days from Long to City Bank for $65,000. On May 4, City notified Long of the assignment. On May 7, Long informed City that Kurtz had committed fraud in the transaction out of which the account receivable arose and that payment would not be made to City. If City commences an action against Long, and Long is able to prove that Kurtz acted fraudulently:
A. Long will be able to successfully assert fraud as a defense.
B. City will be entitled to collect $65,000, the amount paid for the assignment.
C. City will be entitled to collect $70,000 since fraud in the inducement is a personal defense which was lost on May 2.
D. City will be entitled to collect $70,000 since Long's allegation of fraud arose after notice of the assignment.
Answer
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