Legal Electronic Notice and Signature Requirements: A Corporate Counsel Guide for Factors, Asset-based Lenders & Financial Intermediaries
JMBM White Paper:
This Guide written by Robert Braun and Stanley Gibson, law partners at Jeffer Mangels Butler & Mitchell LLP, was developed for Factors and Specialty Lenders to guide them in gaining a competitive edge by using electronic delivery methods, electronic records and electronic signatures.
A variety of businesses have adopted electronic methods to deliver, accept and store documents and legal notices. The driving force behind the decision is generally the efficiency and lower cost of utilizing electronic, instead of physical, documentation.
Among the industries that have been reluctant to enter into electronic transactions on a broad basis are factors, asset-based lenders and other specialized financial intermediaries. Because concerns that arise when moving from paper, fax, and mail to electronic delivery and electronic signatures are real, this paper explores the issues and discusses how a reliable document delivery system with proper implementation of electronic record-keeping and electronic transactions is an effective solution.