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If the customer can't read or write, can they sign for the loan with an 'X'

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In making a loan to someone who cannot read nor write, should I have someone sign as P.O.A., or just have him/her place an 'X' for their signature?

If you plan to rely on a Power of Attorney, you would want it to be in writing so the same problem would still exist. Your loan agreement is a contract between the bank and your loan customer. Contact a local attorney to determine what requirements are imposed by either state statutes or case law regarding contracts entered into by individuals who sign documents by an "X". Some states require the document to be witnessed and notarized.

First published on 08/12/02

First published on 08/12/2002

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Filed under lending as: 

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