I don't know what the operations side does. We check for Good Standing on our borrowers (annually - when there is new loan/renewal activity, and the Certificate of Good Standing in file has expired). In most cases, it usually involves a late filing and the borrower resolves the matter. However, I currently have a situation that a borrower is not in good standing, and their charter has been revoked. They are no longer a legal entity. Upon that discovery, I ran a UCC search that reveals that they have several Federal Tax Liens to the tune of over $183M. My lender is not happy.
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Karma - No need for revenge.
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The opinions expressed are my own and do not necessarily reflect those of my employer.