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looking4u_tx
Guest
What is the name of your state? Texas
I owned a c-corporation that was forced to file bankruptcy in 2000 when the bank executed a "right of offset" rule in the loan agreement that several real estate properties were collaterlized. This loan was also guaranteed by a Rural Development Corportion to 80%. The bank seized funds approximating $90,000.00 in the "operating" bank account, including deposits electronically received over the next several days, but they "returned" unpaid all checks and drafts on the account. These included payroll checks and tax payments to the State Comptroller. The bank gave "no" notice of its intended action, either by phone or mail. Is this a legal "right of offset"? Can they keep funds that were "trust" monies of the State?
I owned a c-corporation that was forced to file bankruptcy in 2000 when the bank executed a "right of offset" rule in the loan agreement that several real estate properties were collaterlized. This loan was also guaranteed by a Rural Development Corportion to 80%. The bank seized funds approximating $90,000.00 in the "operating" bank account, including deposits electronically received over the next several days, but they "returned" unpaid all checks and drafts on the account. These included payroll checks and tax payments to the State Comptroller. The bank gave "no" notice of its intended action, either by phone or mail. Is this a legal "right of offset"? Can they keep funds that were "trust" monies of the State?