Legal Question in Banking Law in New York
can a person who owns a business put up personal property such as a house for collateral for a business loan if he ony owns one half of the house ?
Asked on 2/05/12, 4:04 pm
1 Answer from Attorneys
Warren Markowitz
Warren R. Markowitz, Esq
The general answer to that question is yes. He can put up anything that he has a valid alienable interest in.
If the property is going to be encumbered by the pledge is going to be determined by the way it is titled and how the lien will be placed.
Answered on 2/05/12, 7:51 pm
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