Q: If a client stops paying with impact on ability to repay a line of credit, is there an obligation to notify the bank?
A client has decided to stop paying $2M in debt for services rendered. The company is taking legal action but ability to repay the LoC is impacted.
A: IMO, there is no experienced Florida banking lawyer--including me--who sees this question who would stick out their neck to answer it. Why? Because six-figure financial business matters are far too important to the parties for you to be asking about it here. If you are worried about impact on you or your business, hire a banking lawyer today.
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