We assign
the account(s) on the placement form to you for collection.
If you do not receive notice of settlement within (10)
ten days, if free demand is requested, you, as our agent,
are authorized to proceed at once to collect the account
on your established rules and rates, to accept payments
and to endorse checks, notes, money orders or drafts for
deposit, the net proceeds of which you are to remit to
us. * In the event it
becomes necessary to forward the claim to an attorney
for legal action, we direct and authorize you, as our
agent, and as a convenience to us, to send the account
to an attorney designated by us in the county of the debtor
or, where none is so designated, to an attorney whose
name or firm appears in a law list publication approved
by the American Bar Association, upon prevailing rates
in the area, net to him. Special authorization is required
to file suit or compromise.
* - If creditor is no longer
in business or Agency, after a reasonable effort, is unable
to locate creditor then all remaining funds shall become,
as additional compensation for search and maintenance,
the property of the Agency.
