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#19314 - 06/03/02 08:04 PM Soldier and Saliors Relief Act - I need help!!
Javier V Offline
Junior Member
Javier V
Joined: May 2002
Posts: 40
Does the rate reduction allowable by the SSCRA include loans to sole proprietorships, assuming this debt is before person starts his or her active military service???

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Lending to Servicemembers (SCRA, JWNDAA), War, Terrorism
#19315 - 06/03/02 08:18 PM Re: Soldier and Saliors Relief Act - I need help!!
Anonymous
Unregistered

Your bank would not make a loan to a sole proprietorship because it is not a legally recognized entity. Rather, your bank would make a loan to a person (sole proprietor) for a business purpose. Therefore, since it is a loan to an individual, yes, SSRA would apply. If you have made a loan to a sole proprietorship, you have serious problems that you need to address.

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#19316 - 06/03/02 08:22 PM Re: Soldier and Saliors Relief Act - I need help!!
RVFlyboy Offline
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RVFlyboy
Joined: Oct 2000
Posts: 5,991
Soaring over Georgia
Anonymous is correct - SSCRA would apply. In fact, in a recently decided court case it was deemed to even apply to a corporate loan where the owner of the corporation and cosigner on the loan was a reservist. For more info on that see this link in Court Watch on BOL
Last edited by jbedsole; 06/03/02 08:23 PM.
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Jim Bedsole, CRCM, CBA, CFSA, CAFP
My posts - my opinions

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#19317 - 06/03/02 08:26 PM Re: Soldier and Saliors Relief Act - I need help!!
zaibatsu Offline
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Joined: Jun 2001
Posts: 6,153
jbledsoe is correct. That was a case where the husband and wife owners of a corporation were listed as co-borrowers, as guarantors, and their personal house was one of the pieces of collateral.
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Better a patient man than a warrior, a man who controls his temper than one who takes a city

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#19318 - 06/03/02 08:32 PM Re: Soldier and Saliors Relief Act - I need help!!
Javier V Offline
Junior Member
Javier V
Joined: May 2002
Posts: 40
Thanks for you'alls input...Sorry for the incorrect posting of making a loan to a sole proprietorship, but I was in desperate need of an answer...You'all are great!!

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#19319 - 06/03/02 08:34 PM Re: Soldier and Saliors Relief Act - I need help!!
RVFlyboy Offline
Power Poster
RVFlyboy
Joined: Oct 2000
Posts: 5,991
Soaring over Georgia
Solid answers in under 30 minutes! And that's with large numbers of the forum participants offsite at a conference. Where else are you going to get this kind of service?
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Jim Bedsole, CRCM, CBA, CFSA, CAFP
My posts - my opinions

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#19320 - 06/03/02 08:38 PM Re: Soldier and Saliors Relief Act - I need help!!
Javier V Offline
Junior Member
Javier V
Joined: May 2002
Posts: 40
Thanks for your help Jim...If we all were in New Orleans with the rest of our colleagues, I'd buy you'all a drink

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