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Insider Lending - Language in the Note
Answer by Randy Carey, BOL Guru
Guru Bios
Question: Is there specific language that should be referenced in the note when extending credit to an insider and if so, where can I find examples? What are the qualifications of an insider?
Answer: If you mean definitions of an insider, they are found in the definitions to Regulation O here. The only specific language required would be the demand clause on loans to executive officers.
First published on BankersOnline.com 3/24/08
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