Answer:
No, an authorized signer does not equate to an owner of the corporate funds. Offsetting corporate funds to offset consumer debt would not be allowed.
First published on BankersOnline.com 10/30/06
HELOC Past Due - Offset Business Account
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Question:
If a customer has a corporate business account and a personal loan (HELOC) that is past due, can we withdraw funds from the business account to cover the past due amount? The business owner is the only signer on the corporate account.
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