Last owner of record

Definition

An FTD or Teleflora membership does not transfer, and the seller owns the orders sent before.

Why It Matters

A wire membership is not an asset a buyer can simply take, and the networks write down what happens instead. Teleflora's rules say a membership is not transferable, that consent to transfer any right or interest may be withheld at its sole and absolute discretion, that the new owner files a fresh application subject to acceptance, and that the last owner of record stays responsible for orders transmitted before the transfer for sixty days after the network is notified and approves it, and for balances for thirty. FTD is the same shape, with the member who asked for the change staying liable for charges if the application is not approved. Complaints settle between the sending shop and the filling shop before the network hears about them, and a claim against a statement has sixty days to arrive. The network's approval is what a closing here quietly depends on.