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#1803875 - 04/11/13 06:22 PM Joint Intent
Tessie Offline
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We have a loan that is in XYZ Farms. We have a formal agreement on file with the two brothers and they sign all loans. Do we need a joint intent on these Ag loans even if we already have a this formal agreement on file?

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Lending Compliance
#1803931 - 04/11/13 07:14 PM Re: Joint Intent Tessie
swiggles Offline
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swiggles
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Is XYZ Farms an assumed name or is it an incorporated entity or formal Partnership?
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#1803942 - 04/11/13 07:35 PM Re: Joint Intent Tessie
Tessie Offline
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Posts: 155
It's a formal Patnership.

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#1803944 - 04/11/13 07:40 PM Re: Joint Intent Tessie
swiggles Offline
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swiggles
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If the brothers are simply signing as partners for the partnership, there is only one borrower which is the partnership.
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The more you sweat in training, the less you bleed in battle.......

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#1803947 - 04/11/13 07:46 PM Re: Joint Intent Tessie
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
We have a formal agreement on file with the two brothers and they sign all loans. Do we need a joint intent on these Ag loans even if we already have a this formal agreement on file?

This sounds like you have an underwriting condition requiring the brothers to guarantee all loans made to XYZ Farms. In that case joint intent would not be needed for these loans.
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The opinions expressed are mine and they are not to be taken as legal advice.

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