An executive officer of our bank is considering a guarantee agreement for one of his "related interests". At any time his indebtedness to any bank(s) for "other" purposes exceeds $100,000 he must report these borrowings to the board (215.9). He wants to know if these reporting requirements also include contingent liabilities such as guarantee agreements, co-signers, etc. So, are contingent liabilities by executive officers reportable?
On a related note, from reading 215.9 I feel that borrowings by his related interests do not have to be reported within 10 days (assuming no personal contingent liability). Did I interpret that correctly?
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