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BankersOnline.com Forums State-Specific Compliance Issues Wisconsin Business purpose loan- State of Texas
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#2298252 - 06/12/24 07:59 PM Business purpose loan- State of Texas
bean2 Offline
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Joined: Apr 2019
Posts: 162
The borrower is the business (Note and DOT). The Guaranty is personally signed by the owner of the business (100% owner). Does the Guarantors spouse need to sign a Spousal Consent Form in the State of Texas?

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#2298255 - 06/12/24 08:09 PM Re: Business purpose loan- State of Texas bean2
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 85,290
Galveston, TX
Why, either party is free to obtain debt without the joinder of their spouse in Texas.
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#2298278 - 06/13/24 02:48 PM Re: Business purpose loan- State of Texas bean2
bean2 Offline
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Joined: Apr 2019
Posts: 162
Was told by compliance, this is a customary requirement for a community property state such as Texas.

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#2298279 - 06/13/24 02:55 PM Re: Business purpose loan- State of Texas bean2
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 85,290
Galveston, TX
Compliance? What about your legal counsel? Better yet, your Texas legal counsel. I have been in Texas 25 years and have never seen anything like that executed.
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2298280 - 06/13/24 03:06 PM Re: Business purpose loan- State of Texas bean2
bean2 Offline
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Joined: Apr 2019
Posts: 162
Thank you, I will see what else I can find out!

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