Legal Question in Business Law in Texas
Banks Collecting On Other Company's Debts
If your company owes money to another company who is forced out of business by a bank (ie. the bank comes in and takes all of their assets for debts owed) can the bank legally collect any outstanding balances owed to this company to help resolve the debt this company owes to them?
Asked on 10/02/08, 11:55 am
1 Answer from Attorneys
James Grissom
Law Office of James P. Grissom
Re: Banks Collecting On Other Company's Debts
Yes. The loan documents of the defunct company probaly allow the bank to collect the debt. See a lawyer. Good Luck.
Answered on 10/02/08, 12:02 pm
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