Skip to content

Stating Draw Feature-Promissory Note

If we have a Promissory Note that does not state a draw feature, but the Business Loan Agreement does state the draw feature, are we in Compliance? Or would we need to add the verbiage in the Note to be in compliance?

by Randy Carey:

You are asking a legal question - you need to ask your legal counsel.


by Richard Insley

This is an incomplete, and therefore meaningless, question until you add: "...with the following laws/regs--____, ____, ____ ... ____?" Fill in the blanks and you'll see which parts of your question are already answered by your bank's policies/procedures. As Randy says, discuss whatever's left with your legal counsel.

First published on 01/27/2019

Filed under: 
Filed under lending as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics