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Stating Draw Feature-Promissory Note

Question: 
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?
Answer: 

by Randy Carey:

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

Answer: 

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

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