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Loan Docs Returned After the Note Date

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A question has come up after we prepared a Note for a commercial loan. It was dated July 15,, but the customer did not return these documents until July 22. We funded this loan and effective dated our loan to the 15th to match the Note. Now management is saying we should not have effective dated the loan, only the date we actually funded it. Can we do this, not just for commercial but also residential loans? What is the correct way to handle loan docs returned after the Note date?

This is a legal question and based on State law and caselaw.

First published on 09/15/2019

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