Legal Question in Business Law in Texas
I have 2 restaurants both of them with 2 separate sba loans with 2 different banks.One of the restaurant was recently shutdown & locked by the landlord.The sba loan on that restaurant also had lien on the property of the other(existing) restaurant.My Question is will the bank on the closed business pursue action against
& forclose the property of the 1 st business?The 1 st business has it's own sba loan on which i'm very current.i have defaulted on the loan of the closed business.
Asked on 8/21/09, 11:56 am
1 Answer from Attorneys
Arthur Geffen
Arthur H. Geffen, P.C.
IF the loans are properly cross collaterallized, then yes the lender has the right to go after all of the collateral of each of the businesses.
Answered on 8/21/09, 12:36 pm
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