BEGIN:VCALENDAR VERSION:2.0 METHOD:PUBLISH PRODID:-//Telerik Inc.//Sitefinity CMS 13.3//EN BEGIN:VTIMEZONE TZID:Central Standard Time BEGIN:STANDARD DTSTART:20231102T020000 RRULE:FREQ=YEARLY;BYDAY=1SU;BYHOUR=2;BYMINUTE=0;BYMONTH=11 TZNAME:Central Standard Time TZOFFSETFROM:-0500 TZOFFSETTO:-0600 END:STANDARD BEGIN:DAYLIGHT DTSTART:20230301T020000 RRULE:FREQ=YEARLY;BYDAY=2SU;BYHOUR=2;BYMINUTE=0;BYMONTH=3 TZNAME:Central Daylight Time TZOFFSETFROM:-0600 TZOFFSETTO:-0500 END:DAYLIGHT END:VTIMEZONE BEGIN:VEVENT DESCRIPTION:Compliance is paramount! Errors can cause losses in excess of t he loan amount. Do you understand the legal requirements that must be sati sfied and the specific steps to take before exercising the right of set of f for commercial borrowers?\nLearning Objectives\n\n Explain which lega l requirements must be satisfied before set off is permitted\n Distingu ish between contractual and common law rights of set off\, and understand the best use of each\n Differentiate between the right of set off and f oreclosure of a security interest\, and know when it is best to use each m ethod\n List the types of account ownership that are subject to set off \n Determine when your institution can favor itself over competing cred itors\n\nCommercial loan delinquencies may be rising\, so it&rsquo\;s impo rtant to understand the right to set off deposit accounts for these past-d ue loans. Your institution has a common law right to set off if certain le gal requirements are satisfied. In addition\, you may have a contractual r ight to set off\, depending on the language in your deposit contracts.\nEx ercising the right of set off is different from foreclosing on a security interest in the account. Making a mistake could result in losses that far exceed the loan amount. When can your institution apply money in the borro wer&rsquo\;s or guarantor&rsquo\;s account to pay past-due loan amounts? M ust the borrower or guarantor be notified before your institution exercise s this right of set off? If your institution receives a garnishment from a nother creditor\, can you set off the account before honoring the garnishm ent? This webinar will answer these questions and more. DTEND:20200818T203000Z DTSTAMP:20240329T011840Z DTSTART:20200818T190000Z LOCATION: SEQUENCE:0 SUMMARY:Collections & Right of Set Off in Commercial Lending UID:RFCALITEM638472539204058140 X-ALT-DESC;FMTTYPE=text/html:
Compliance is paramount! Errors can cause l osses in excess of the loan amount. Do you understand the legal requiremen ts that must be satisfied and the specific steps to take before exercising the right of set off for commercial borrowers?
\nLearning Objective s
\nCommercial loan delinquencies may be rising\, so it &rsquo\;s important to understand the right to set off deposit accounts fo r these past-due loans. Your institution has a common law right to set off if certain legal requirements are satisfied. In addition\, you may have a contractual right to set off\, depending on the language in your deposit contracts.
\nExercising the right of set off is different from forec losing on a security interest in the account. Making a mistake could resul t in losses that far exceed the loan amount. When can your institution app ly money in the borrower&rsquo\;s or guarantor&rsquo\;s account to pay pas t-due loan amounts? Must the borrower or guarantor be notified before your institution exercises this right of set off? If your institution receives a garnishment from another creditor\, can you set off the account before honoring the garnishment? This webinar will answer these questions and mor e.
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