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#836147 - 10/17/07 04:08 PM MMDA
parr04 Offline
Gold Star
Joined: Aug 2004
Posts: 394
oklahoma
We have a used car dealer with a MMDA account. He has also agreed to full recourse on car loans we purchase from the dealership. Would a debit to the MMDA owned by the dealership to make a recourse loan payment be part of the six allowed transfers or would it be exempted because its a loan payment even if the loan in in another borrowers name.

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Operations Compliance
#836342 - 10/17/07 05:59 PM Re: MMDA parr04
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Such a transfer would not qualify for the "transfer to loan" exemption, in my opinion, because the loan in question is not a loan to the owner of the MMDA.
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John S. Burnett
BankersOnline.com
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