Legal Question in Construction Law in Maryland
Construction loans
I am a home builder. Can a bank take draws from a construction loan placed in your checking account to pay your subs and pay on other loans you owe them thereby causing checks you issued to your subs to bounce? My bank did this on several occasions after assuring me they would not take the money out of the account and that I could go ahead and issue checks to pay my subs. Their actions precipitated me to file bankruptcy since I was then forced to use credit cards to pay my subs.
Asked on 10/31/08, 9:05 am
1 Answer from Attorneys
Daniel Press
Chung & Press, P.C.
Re: Construction loans
Depends on the terms of the loan documents.
Answered on 10/31/08, 11:11 am
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