Legal Question in Banking Law in South Dakota

Bank Loans
In November of 1984 we took out two unsecured First Line of Credit Bank loans for 50K and 25K. In March of 1990 for whatever reason or transfer paperwork, except the new loan they changed the loan to a Home Equity First Line Agreement for 35K and secured it with our house, which we signed. The bank was then sold . Now they want payment. Do they have to have a new signed agreement in the new banks name or can they move on the old paperwork with the bank who is no longer in business or should they have had signed new paperwork, and for the record there are a number of mistakes on the form. Neithe party can remember much about the transaction from 24 years ago and I do not believe they have much paperwor to support the action

Asked on 3/25/09, 11:42 am

David Anderson Anderson Business Law LLC

0 users found helpful

0 attorneys agreed

Re: Bank Loans

There may be defenses if the assignment/transfer was improperly documented.

I have represented lenders over the last 27 years and I would be able to review + advise.

Call or email for assistance.

Answered on 3/25/09, 11:50 am

Keywords

Match Any Match All

Country

State

Area of Law