Denver, CO asked in Banking, Business Law and Contracts for Colorado

Q: If the borrower writes a loan contract is it in effect for every loan thereafter until a new contract is made

Borrower is a business

1 Lawyer Answer
D. Mathew Blackburn
D. Mathew Blackburn
Answered
  • Business Law Lawyer
  • Englewood, CO
  • Licensed in Colorado

A: That depends on how the agreement was drafted and the understanding of the Parties involved. The agreement could be written as an open line of credit or a one time loan. Without specific language it will not be clear whether the Parties intended for the future loans to be subject to the current agreement or not.

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