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BankersOnline.com Forums State-Specific Compliance Issues New York RIGHT OF OFFSET
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#2218899 - 08/01/19 01:36 PM RIGHT OF OFFSET
Basket case Offline
New Poster
Joined: Aug 2005
Posts: 13
NY
We have a customer that is behind on her personal loan. She has a small business that is an LLC and she is the sole owner. Can we use right of off set to take the funds from the business account?

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#2218904 - 08/01/19 02:02 PM Re: RIGHT OF OFFSET Basket case
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 84,850
Galveston, TX
People form an LLC to have the assets of their LLC and their personal asset separate. You cannot cross that line when exercising the right of offset, they are not the same.
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#2218915 - 08/01/19 02:50 PM Re: RIGHT OF OFFSET Basket case
Basket case Offline
New Poster
Joined: Aug 2005
Posts: 13
NY
Thank you, That is what I was thinking but wanted to confirm.

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