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Unformatted text preview: receivables to receive payment from the transferor of those receivables for (a) failure of debtors to pay when due, (b) the effects of prepayments, or (c) adjustments resulting from defects in the eligibility of the transferred receivables. c. Collateral is defined by FASB statement 140 paragraph 364 as, Personal or real property in which a security interest has been given. c) Examples of continuing involvement found in statement 140 paragraph 117 as, recourse or guarantee obligations, servicing, agreements to repurchase or redeem, retained subordinated interests, and put or call options on the assets transferred....
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- Spring '08
- Financial Accounting