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Forbearance Help

Discussion in 'Commercial Transactions & Investments' started by meredith9304, Jul 25, 2011.

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  1. meredith9304

    meredith9304 Law Topic Starter New Member

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    Need help.. can anyone provide me with a...Code Section... case law... or recent decisions regarding a bank executing a forbearance agreement without all of the guarantors agreeing and signing... I am under the impression that if tethered to the original "loan documents" and if contains the supersede language and the bank executes a forbearance with two out of three guarantors that the bank has in effect modified the original documents and removed the non-signing party.. Any help is appreciated.
     
  2. Michael Wechsler

    Michael Wechsler Administrator Staff Member

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    You need to look at your agreement - it controls everything. It's possible that there is language in that document that permits that which you are objecting right now. These cases are usually decided upon the individual elements of a case which are frequently unique in specific situations. What you're implying is basic contract law and I'm not sure why the bank thought it could do what it could do. Did you speak it over with them? They should have made it clear why they were able to execute ont he forbearance agreement.
     

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