Factor (agent)

A factor, Latin for "doer, maker" (from Latin facit, "to do, make"), is a mercantile fiduciary who receives and sells goods on commission (called factorage), transacting business in his own name and not disclosing his principal, and historically with his seat at a factory (trading post). A factor differs from a commission merchant in that a factor takes possession of goods (or documents of title representing goods) on consignment, whereas a commission merchant sells goods not in his possession on the basis of samples. Most modern factor business is in the textile field, but factors are also used to a great extent in the shoe, furniture, hardware, and other industries, and the trade areas in which factors operate have increased.

In the UK, most factors fall within the definition of a mercantile agent under the Factors Act 1889 and therefore have the powers of such. A factor has a possessory lien over the consigned goods that covers any claims against the principal arising out of the factor's activity. A debt factor, be it a person or firm (factoring company), accepts as assignee book debts (accounts receivable) as security for short-term loans; this is known as factoring.

Factor

Factor, a Latin word meaning "who/which acts", may refer to:

Commerce

Science and technology

Biology

Computer science and information technology

Factoring (finance)

Factoring is a financial transaction and a type of debtor finance in which a business sells its accounts receivable (i.e., invoices) to a third party (called a factor) at a discount. A business will sometimes factor its receivable assets to meet its present and immediate cash needs.Forfaiting is a factoring arrangement used in international trade finance by exporters who wish to sell their receivables to a forfaiter. Factoring is commonly referred to as accounts receivable factoring, invoice factoring, and sometimes accounts receivable financing. Accounts receivable financing is a term more accurately used to describe a form of asset based lending against accounts receivable.

Factoring is not the same as invoice discounting (which is called an "Assignment of Accounts Receivable" in American accounting – as propagated by FASB within GAAP). Factoring is the sale of receivables, whereas invoice discounting ("assignment of accounts receivable" in American accounting) is a borrowing that involves the use of the accounts receivable assets as collateral for the loan. However, in some other markets, such as the UK, invoice discounting is considered to be a form of factoring, involving the "assignment of receivables", that is included in official factoring statistics. It is therefore also not considered to be borrowing in the UK. In the UK the arrangement is usually confidential in that the debtor is not notified of the assignment of the receivable and the seller of the receivable collects the debt on behalf of the factor. In the UK, the main difference between factoring and invoice discounting is confidentiality.

Von Neumann algebra

In mathematics, a von Neumann algebra or W*-algebra is a *-algebra of bounded operators on a Hilbert space that is closed in the weak operator topology and contains the identity operator. They were originally introduced by John von Neumann, motivated by his study of single operators, group representations, ergodic theory and quantum mechanics. His double commutant theorem shows that the analytic definition is equivalent to a purely algebraic definition as an algebra of symmetries.

Two basic examples of von Neumann algebras are as follows. The ring L^∞(R) of essentially bounded measurable functions on the real line is a commutative von Neumann algebra, which acts by pointwise multiplication on the Hilbert space L²(R) of square integrable functions. The algebra B(H) of all bounded operators on a Hilbert space H is a von Neumann algebra, non-commutative if the Hilbert space has dimension at least 2.

Von Neumann algebras were first studied by von Neumann (1930) in 1929; he and Francis Murray developed the basic theory, under the original name of rings of operators, in a series of papers written in the 1930s and 1940s (F.J. Murray & J. von Neumann 1936, 1937, 1943; J. von Neumann 1938, 1940, 1943, 1949), reprinted in the collected works of von Neumann (1961).

Law of agency

The law of agency is an area of commercial law dealing with a set of contractual, quasi-contractual and non-contractual fiduciary relationships that involve a person, called the agent, that is authorized to act on behalf of another (called the principal) to create legal relations with a third party. Succinctly, it may be referred to as the equal relationship between a principal and an agent whereby the principal, expressly or implicitly, authorizes the agent to work under his or her control and on his or her behalf. The agent is, thus, required to negotiate on behalf of the principal or bring him or her and third parties into contractual relationship. This branch of law separates and regulates the relationships between:

In 1986, the European Communities enacted Directive 86/653/EEC on self-employed commercial agents. In the UK, this was implemented into national law in the Commercial Agents Regulations 1993.

00 Agent

In Ian Fleming's James Bond novels and the derived films, the 00 Section of MI6 is considered the secret service's elite. A 00 (typically read "Double O" and denoted in Fleming's novels by the letters "OO" rather than the digits "00") agent holds a licence to kill in the field, at his or her discretion, to complete the mission. The novel Moonraker establishes that the section routinely has three agents concurrently; the film series, beginning with Thunderball, establishes the number of 00 agents at a minimum of 9, with the likelihood of more.

Description

In the first novel, Casino Royale, and the 2006 film adaptation, the 00 concept is introduced and, in Bond's words, means "that you've had to kill a chap in cold blood in the course of some assignment." Bond's 00 number (007) was awarded to him because he twice killed in fulfilling assignments. (This differentiates from deadly force used by non-00 agents in the course of self-defence or offensive action; plus, in the original time frame of the novel—the early 1950s—many MI6 agents would have had recent war service.) In the second novel, Live and Let Die, the 00 number designates a past killing; not until the third novel, Moonraker, does the 00 number designate a licence to kill. Thereafter, the novels are ambiguous about whether a 00 agent's licence to kill is limited, with varying accounts in Dr. No, Goldfinger, and The Man with the Golden Gun.

Agent 355

Agent 355 was the code name of a female spy during the American Revolution, part of the Culper Ring. Her real identity is unknown.

Career

The only direct reference to Agent 355 in any of the Culper Ring's missives was from Abraham Woodhull ("Samuel Culper Sr."), to General George Washington in 1778. Little is known for sure about this mysterious lady, but speculation abounds. What is known is that she was located in New York and at some point had contact with Major John Andre and Benedict Arnold. She is thought to have played a major role in exposing Arnold and the arrest of Andre. It is believed that 355 was a member of a prominent Loyalist family and within easy reach of British commanders. When Andre was in New York, the Culpers' information came fast and furious but, when he was in the southern colonies with Henry Clinton, the information slowed considerably. At this point, Washington complained that the Culpers were a waste of money. This leads historians to believe that 355 was one of the flock of females that surrounded Major Andre.