Start Date: 8/19/2020 1:00 PM MDT
End Date: 8/19/2020 2:30 PM MDT
Commercial loan delinquencies may be rising, so it’s important to understand the right to set off deposit accounts for these past-due loans. Your institution has a common law right to set off if certain legal requirements are satisfied. In addition, you may have a contractual right to set off, depending on the language in your deposit contracts.
Exercising the right of set off is different from foreclosing on a security interest in the account. Making a mistake could result in losses that far exceed the loan amount. When can your institution apply money in the borrower’s or guarantor’s account to pay past-due loan amounts? Must the borrower or guarantor be notified before your institution exercises this right of set off? If your institution receives a garnishment from another creditor, can you set off the account before honoring the garnishment? This webinar will answer these questions and more.
Attendance certificate provided to self-report CE credits.