Legal Question in Banking Law in Maine

Commercial Loan
We have a commercial loan that is due the 26th of the month. Due to financial issues we missed our January pmt. On March 3rd we received a letter from our banks lawyer saying we had to pay the full amount due on the loan by 3/9. We contacted the bank on the 5th and 7th to pay January and pay Feb within a week. They said we could only pay Jan, Feb, March and lawyer fees. I indicated we could not. We have contacted a debt consolidation co to work with the bank. They had contacted both the bank and lawyer to work something out. On 3/20 our bank acct was frozen and on 3/21 the locks on our business were changed with a notice to contact the bank. From 3/3 until this happened we have had no phone calls, letters or anything from either the bank or their lawyer. Can they do this?

Asked on 3/27/07, 11:24 am

David Anderson Anderson Business Law LLC

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Re: Commercial Loan

Your loan documents should be reviewed by an experienced Business Attorney so you can be fully advised as to your rights and oblgations.

I have 25 years experience in business law, including representation of banks.

You should act very quickly.

Answered on 3/27/07, 12:43 pm

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