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Loan in Default after 6 years
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Posted by Jerry
(24.126.166.162) on April 13, 2002 at 04:24:49:
Oct.95 Partially fill out credit line application and leave on my desk.
Dec.95 Bookkeeper informs me we got a CL from bank.
Discover partner had removed forms from my desk, completed and filed. CL granted w/o my knowledge.
Check with bank to find that partner has w/d funds
Call bank to freeze acct. Bank acct exec calls and leaves phone message to partner that a "crazy lady" is calling and wants to freeze c/l. Afterwards bank will not talk to me regarding this loan.
request 2 signature checks and file form with bank. Never rec.
Bank will not talk to me on the phone regarding loan.
Late Dec. bookkeeper informs me partner has maxed c/l and used for personal purchases. bookkeeper is verbally and sexually harrassed by partner for telling me about the loan and quits, subsequently suing partner and business for harrassment and wins.
In Jan. For the above reasons, I withdraw from partnership. File all appropriate paperwork and publish notice. Send notice to bank. Loan states change in ownership will cause loan to default which is what I want to do to force partner to pay.
Rec letter from bank telling me I am liable if loan defaults as I guaranteed loan. This is the only correspondance I ever rec. from the bank regarding this loan.
Feb. Meet in accountants office to seetle financials. Check is shown for amount owed bank c/l. 6 years 3 months later. Receive letter from bank that the c/l is in default and ask for $38,000 to be paind in 30 days otherwise will be turned over to lawyers and collection.
one week later, I find ex partner has filed chp 7 bk. get file from court and bank c/l is listed among 93 other creditors including IRS, Franchise tax bd, US Trustees (?) and Unemployment Dept. Bk to be heard mid June. Oddly enough, the accountant is not listed Anyone have any suggestions what I should do???
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