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#976849 - 06/17/08 10:06 PM Right of offset
Many Hats Offline
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Joined: May 2008
Posts: 915
Orlando, FL
If we have a consumer loan in default (a single borrower) and we cannot reach the borrower, but she has a BUSINESS account (just in her name) with money in it, can we get to that money?

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#977185 - 06/18/08 02:54 PM Re: Right of offset Many Hats
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 77,238
Galveston, TX
What do you mean by "business account? Jane Doe DBA Jane's Flowers?? The answer would be yes. Jane Doe Inc., the answer would be no.
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#977233 - 06/18/08 03:19 PM Re: Right of offset rlcarey
Many Hats Offline
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Joined: May 2008
Posts: 915
Orlando, FL
It's Inc.....so it would be No. Thanks for the help!

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#980294 - 06/23/08 07:54 PM Re: Right of offset Many Hats
Georgia Golfer Offline
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Joined: Jun 2003
Posts: 415
1st Tee
Can you please provide me to the cite in the Florida UCC dedicated to the right of offset. We have a business loan customer who may default & he & his wife both personally guarantee the loan. We are looking at whether we can offset both the business DDA & their personal DDA. They both sign on both accounts.

Thanks

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#980503 - 06/24/08 04:02 AM Re: Right of offset Georgia Golfer
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 77,238
Galveston, TX
The right of offset is not usually codified. I would call your attorney. If the loan is guaranteed, you may have to make demand prior to exercising your right of offset. Your guarantee contract may also address this issue.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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