Legal Question in Business Law in Indiana
If your business is behind on a loan payment through it's bank, can they legally take money from your account to pay it without your permission?
Asked on 1/10/17, 1:43 pm
1 Answer from Attorneys
Kenneth Wilk
Rubino Ruman Crosmer & Polen
When banks give loans, they often require the borrower to maintain his/her other accounts at that bank, and to provide the bank the right, under the loan agreement, to offset those accounts if the loan is delinquent. So, as a starting point, you need to read all of your loan documents and papers to see what rights you gave to the bank.
Answered on 1/11/17, 4:10 pm
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