In situations where loans are made to a business (limited partnership, corporation, etc), with two agents of business signing on note - does this require "joint intent"? We often have business or corporate resolutions which outline the power of each agent, and typically they state that any agent may borrow money on behalf and in the name of the company, sign, execute and deliver promissory notes or other evidences of indebtedness. I'm thinking such "joint intent" wouldn't be required when such a resolution is in place, is this correct?

A business signer is not a loan applicant, unless they are also going to be individually liable on the debt,

So if we have personal guarantees from these signers we'd need joint intent? even if they aren't signing on the note both as a business signer and individually?

If these guarantees are a normal condition to make loans to businesses, then no:


Paragraph 7(d)(6).

1. Guarantees. A guarantee on an extension of credit is part of a credit transaction and therefore subject to the regulation. A creditor may require the personal guarantee of the partners, directors, or officers of a business, and the shareholders of a closely held corporation, even if the business or corporation is creditworthy. The requirement must be based on the guarantor's relationship with the business or corporation, however, and not on a prohibited basis. For example, a creditor may not require guarantees only for women-owned or minority-owned businesses. Similarly, a creditor may not require guarantees only of the married officers of a business or the married shareholders of a closely held corporation.