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Kansas Banking Questions & Answers
1 Answer | Asked in Real Estate Law and Banking for Kansas on
Q: 2 people getting a loan, 1 owns land used for collateral Do both people need to be on deed of property?

The bank has requested a quit claim to put the other person on title of collateral property to get loan. Is that true?

Scott C. Stockwell
Scott C. Stockwell answered on Apr 7, 2020

If two people are not married, a person (and his or her spouse) who owns the real property may give a mortgage of the property to secure a loan. The bank may have concerns about making a loan in which there is not an identify of interest between the owners of the collateral and the borrowers on the... Read more »

1 Answer | Asked in Banking, Business Formation and Business Law for Kansas on
Q: I am starting an online business through Digital Altitude. They have asked me to take out a line of credit. HELP!

I am starting an online business through Digital Altitude. I have to purchase the next level of the "pyramid" to make any money. There are lots of testimonials saying how amazing they are but I am still not sure. They have asked me to take out a $50,000 line of credit, through Oak Tree... Read more »

Scott C. Stockwell
Scott C. Stockwell answered on Jun 27, 2017

You should proceed with caution and take no action without the advice of counsel. Your understood one set of circumstances to justify your initial involvement or investment. Now you are being asked to borrow money to "purchase" the next level. You have characterized the arrangement as a... Read more »

1 Answer | Asked in Banking, Consumer Law and Probate for Kansas on
Q: What is the law regarding a decreased person and a car note, when the bank fails to get the car for almost 2 years?

My father passed away almost two years ago. He left a car with a loan on it and the bank has failed to get it. They have set on my mother's property fore almost 2 years now. Is there anything that we can do to take ownership of the car, or file something against the bank for storage fees?

Scott C. Stockwell
Scott C. Stockwell answered on Jun 27, 2017

There are appropriate procedures to transfer ownership of the vehicle and to quiet title to the vehicle. How to proceed would depend on the assets involved and the value of the assets involved. If the bank perfected its security interest in the car by recording a lien on the car title, that... Read more »

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