Common Contracts
1 similar null contracts
WORKOUTSJuly 7th, 2014
Comprehensive underwriting, coupled with careful documentation, typically minimizes a financial institution’s risk when extending credit or making loans. However, when lending officers make loans, they don’t always think about the consequences in the event of a default at some point down the line. Accord- ingly, sometimes a lender fails to pay at- tention to details that could ultimately have an adverse effect when the bank needs to exercise its legal remedies. For example, a lender might not notice that guarantors live in one jurisdiction while the borrower is incorporated in another state. As a result, the guarantees might not contain the requisite language for the bank to confess judgment in the jurisdiction where the guarantors live.
