LLP, authorized signers and old statements

Posted By: tryin2comply

LLP, authorized signers and old statements - 11/09/20 11:26 PM

LLP opened an account with three authorized signers. Two of those three signers were partners, one was a member of the LLP. A change in percentage owned occurred and the bank received notice to remove an authorized signer who had also been a partner. (We won't even talk about resolutions here!) The original resolution stated that any of the signers could act on the account. Now the removed signer is requesting information on the account. According to the Secretary of State, his LLC is still partial owner in the company, but he is no longer on the account. Can he receive statements from before he was removed from the account? Are there any specific citations that indicate he cannot or is this simply contract law? Thanks!
Posted By: BrianC

Re: LLP, authorized signers and old statements - 11/10/20 12:53 AM

Given the potential liability risk to the bank, I'd be referring this matter to legal counsel. You won't find a regulation to cite applicable to this situation.
Posted By: tryin2comply

Re: LLP, authorized signers and old statements - 11/10/20 02:47 PM

Thank you, Brian. That was my feeling too. But I wanted to get another opinion.