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rvlaw, Attorney
Category: Business Law
Satisfied Customers: 8386
Experience:  NYC Trial Attorney 30+ years; Law professor ; BUSINESS LAW; CONTRACTS; TORTS; Arbitrator
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About 6 months ago I obtained a business loan (SBA-backed)

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About 6 months ago I obtained a business loan (SBA-backed) to purchase a business. During the process I was told a particular piece of land that I own would NOT have to be put up as collateral. Due to several delays by the bank in getting their paperwork ready for closing they did not leave me time to look over the documents before getting to the closing table. Lo and behold there ended up being a deed of trust in the docs to put a lien against the aforementioned piece of land. Because of the lateness of the closing I was too far down the road with the seller to back out so I signed the deed of trust. Well, now 7 months later the bank is contacting me to re-sign the deed of trust because they made a mistake when they dated the document and they can''t file the lien as it stands. I am wanting to know if they can force me at this point to sign. Obviously, I don''t want my loan called or anything but because of the way I was treated I''m not looking to do them any favors.
Submitted: 8 years ago.
Category: Business Law
Expert:  rvlaw replied 8 years ago.


I am sorry but it was the responsibility of you or your lawyer to object to the signing of the documents at the closing. You cannot pass that to anyone I'm afraid. If you refuse to sign, they will go to court and get an order forcing you to sign in light of a clerical error. Wish I had better news.



This is information only, NOT legal advice. No attorney-client relationship has been created. Consult an attorney in your state for legal advice regarding your issue.

Customer: replied 8 years ago.
Reply to rvlaw's Post: Is there normally a specific clause in a contract that would address the clerical error situation or is this just a basic banking/finance law that would apply overall? Thank you for your help.
Expert:  rvlaw replied 8 years ago.

Basic approach to correcting documents for clerical errors.


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