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North Carolina Banking Questions & Answers
1 Answer | Asked in Banking, Business Law, Contracts and Collections for North Carolina on
Q: Can a business avoid paying a debt by giving assets to someone else? (Debt was a mortgage for an investment property).

My girlfriend owns her own business which is incorporated. She's the only employee and works out of our home. We live together. A few years ago, her tech business invested in a coastal property.

1- At the same time, my gf & her ex-husband jointly owned a different property.... Read more »

Paige Kurtz
Paige Kurtz
answered on Apr 23, 2018

It depends on the transaction and how it is structured. Generally you can't avoid debts by transferring property and assets to insiders, particularly for no payment. The creditor can file an action to avoid the transfer based on several factors. Thus, if you are tranferring assets, it has to... Read more »

1 Answer | Asked in Contracts, Banking and Military Law for North Carolina on
Q: Drive Time and SCRA

My wife purchased a vehicle from Drive Time before I entered the military (active duty) and her intrest rate is extremly high. 25% or so. Back then she had a job where she could afford it, but now om the only one with an imcome. I reclently found out about SCRA (service member civil relief act)... Read more »

Robert Donald Gifford II
PREMIUM
Robert Donald Gifford II
answered on Feb 4, 2018

You need to put it in writing. Here is some suggested language:

Dear Sir or Ma’am:

Pursuant to the Servicemembers’ Civil Relief Act (“SCRA”) 50 U.S.C. App. Section 527,

this letter is my formal written request to reduce the rate of interest to six percent (6.0%) for...
Read more »

1 Answer | Asked in Banking for North Carolina on
Q: Personal Gurantees for Commercial loans, what can the bank go after?
Rachel Lea Hunter
Rachel Lea Hunter
answered on Apr 2, 2013

If there is a personal guarantee of a business loan, if the business does not pay then the bank or lender can sue the guarantor. The lender, if it wins a judgment, can recover the same as in any other civil case against a debtor. NC law allows an individual person (not a corporation)to exempt... Read more »

2 Answers | Asked in Banking for North Carolina on
Q: Where can I find info on the Patriot Act and regulations re: deposits
Rachel Lea Hunter
Rachel Lea Hunter
answered on May 3, 2013

You can start here:

http://en.wikipedia.org/wiki/Bank_Secrecy_Act

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2 Answers | Asked in Banking for North Carolina on
Q: Where can I find info on the Patriot Act and regulations re: deposits
Rachel Lea Hunter
Rachel Lea Hunter
answered on May 3, 2013

You can start here:

http://en.wikipedia.org/wiki/Bank_Secrecy_Act

View More Answers

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