Answer:
All I can say is WOW! A lender that cannot fund a legal obligation because of liquidity issues it a bankrupt lender. The borrower should sue them for breach of contract and immediately report them to their regulatory agency.
Lender Can't Fund - UDAP?
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Question:
If a lender has a borrower sign loan documents but has some liquidity issues that extend the funding beyond the rescission period, would that be a UDAP violation?
In this example, say the lender expected liquidity to come in from a trade before the rescission was up on the loan. However it was held up for a week. The loan will fund, but a week late. The property is in California if that matters.
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