Right of offset

Posted By: Many Hats

Right of offset - 06/17/08 09:47 PM

If I have a consumer loan that has gone into default (only in one person's name)....we are unable to reach the borrower after repeated attempts....and the borrower has a BUSINESS account (with only their name on it) with money in it, can we use it?
Posted By: Ray_

Re: Right of offset - 06/17/08 09:51 PM

http://www.bankersonline.com/compliance/gurus_cmp081202l.html

State law probably governs this.
Posted By: Many Hats

Re: Right of offset - 06/17/08 10:03 PM

Great...thanks!
Posted By: Andy_Z

Re: Right of offset - 06/18/08 01:16 AM

Is the deposit and the debt under the same name? If your business is a corp as an example, that is a different entity than John Doe, even though Doe owns the corp. I'm all for the golden rule, (he who owns the gold, controls the rules) but caution is necessary here.