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#2062631 - 02/05/16 02:23 PM Original Signature vs. Scanned Copy
Big Blue Banker Offline
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Big Blue Banker
Joined: Apr 2009
Posts: 305
Hello! Has anyone seen any guidance on whether or not it's acceptable to get an original signature on a note, scan the note, and then destroy the note? The scanned note would be maintained. If anyone could point me in a direction, that would be great. Thank you!

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#2062639 - 02/05/16 02:33 PM Re: Original Signature vs. Scanned Copy Big Blue Banker
brownbeard Offline
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Joined: Nov 2013
Posts: 56
I would believe that's a question best directed to your legal counsel.

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#2062644 - 02/05/16 02:51 PM Re: Original Signature vs. Scanned Copy Big Blue Banker
Richard Insley Offline
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Richard Insley
Joined: Oct 2000
Posts: 10,179
Toano, VA
Agreed. The only time the validity of a signature will matter is when you have to take the note to court and sue for judgement. Court standards can vary from one jurisdiction to another, so you want the opinion of a local attorney who's been there and done that.
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#2062645 - 02/05/16 02:55 PM Re: Original Signature vs. Scanned Copy Big Blue Banker
Big Blue Banker Offline
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Big Blue Banker
Joined: Apr 2009
Posts: 305
I'm referring more about industry standard, not just one attorney's opinion. I'm sensing a shift in the wind.

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#2062754 - 02/05/16 05:58 PM Re: Original Signature vs. Scanned Copy Big Blue Banker
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,351
We image but we don't destroy the note or the security instrument.....probably never will. I still think "industry standard", even if you assess one, would not be reliable, as it varies from bank to bank depending on legal counsel opinion,possibly state law your bank management's appetite for risk. For this, don't try to hang your hat on what others are doing.
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#2062756 - 02/05/16 06:03 PM Re: Original Signature vs. Scanned Copy Big Blue Banker
HRH Okie Banker Offline
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Joined: Jan 2003
Posts: 3,070
Oklahoma
I too would be interested in whether any other banks have taken this step yet (in scanning and destroying the original primary documents). We bring this up just about annually but are still advised by our legal counsel to not take this step (Oklahoma). I think there is just not enough legal precedence yet.
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#2062785 - 02/05/16 06:59 PM Re: Original Signature vs. Scanned Copy Big Blue Banker
TNB Offline
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Joined: Mar 2008
Posts: 77
Texas
We image but we do not destroy the original (as advised by counsel).

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#2062797 - 02/05/16 07:18 PM Re: Original Signature vs. Scanned Copy Big Blue Banker
Richard Insley Offline
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Richard Insley
Joined: Oct 2000
Posts: 10,179
Toano, VA
Is anyone aware of the regulators' views? If there's any reason to think that copies might not hold up in court, a safety & soundness examiner could classify your whole portfolio.
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#2243374 - 09/30/20 06:05 PM Re: Original Signature vs. Scanned Copy Big Blue Banker
Tarhe Offline
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Joined: Nov 2006
Posts: 1,403
California
Just wondering if there is any new insight on this topic? Management wants to image all loan files and destroy the originals - we will be seeking legal opinion but as a number of years have gone by on this thread, thought I'd check to see if there are any changes or has anyone seen anything from examiners? Thank you!!

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#2243379 - 09/30/20 06:37 PM Re: Original Signature vs. Scanned Copy Big Blue Banker
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
Examiners could care less - it is all whether it will hold up in court.
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#2243453 - 10/01/20 03:59 PM Re: Original Signature vs. Scanned Copy Big Blue Banker
Richard Insley Offline
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Richard Insley
Joined: Oct 2000
Posts: 10,179
Toano, VA
...and if there's any reason to doubt that the validity of copies will hold up in court, safety & soundness examiners WILL care (and possibly classify.)
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...gone fishing.

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