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Signer Responsible for Charged Off Account?
by John Burnett, BOL Guru
Guru Bio
Question: Can an authorized signer of a joint account be held responsible for an account that was charged off?
Answer: Unless a separate contract of accountability had been signed by the authorized signer, there is no responsibility for the charged-off balance on the part of that signer. If the authorized signer in some way caused the charge-off, he or she may be accountable to the principal if the signer's actions proved not to be on behalf of the principal.
First published on BankersOnline.com 4/30/07
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