Legal Question in Business Law in California
Refinacing loans
Trustees of my late father's trust disolved our corporation. Two years later the trustees barrow
over a million dollars from a bank using the corporate name . Is this legal ?
2 Answers from Attorneys
Re: Refinacing loans
I'd like to know a lot more about the details here, but it doesn't sound legal based on what you've said.
Even if it's not legal, I'm not sure you can bring a suit. Has this loan harmed you? Have the trustees enriched themselves or the trust by capitalizing on your work?
If the loan is illegal, then it seems that the bank would be the injured party -- especially if the loan isn't repaid. There might also be criminal liability for the trustees, depending on the specifics of their actions.
On the other hand, the facts might somehow indicate that the trustees are acting legally. I can't be more helpful without more information.
Edward Hoffman
Law Offices of Edward A. Hoffman
11620 Wilshire Boulevard, #340
Re: Refinacing loans
The loan may or may not be legal. It depends on what the moeny is being used for.
I need more details to render a proper opinion.
Robert E. Drescher
Law Offices of Robert E. Drescher
23958 Avenida Crescenta
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Interstate Transportation of Personal Property This question was originally... Asked 11/27/98, 3:46 pm in United States California Business Law
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