Can someone please talk to me about any requirements on keeping loan documentation (promissory note, security agreement, guaranty agreement, etc...) when a note is renewed to either a same or new note number. If a new note, security agreement and guaranty agreement are executed at renewal must the Bank keep all previous documentation? I'm bringing this up in relation to our imaging project. If you have a current operating loan that has renewed annually for the last 10 years must you retain those 10 notes with supporting documents? Is there different requirements for real estate, consumer and/or commercial.

(I post this in Oklahoma forum a few weeks ago but didn't get any response). I really need help.

Never mind. Brain skip here.

If you renew a note then the original note is still your obligation and in most cases would be part of your supporting documentation for any actions against the note. If the new note is replacing the original note then you have a refinancing which would trigger applicable disclosures.