Legal Question in Banking Law in Indiana

promissary note

can a bank after six years say they had an audit on your account and found out that you own them $5500.00 of interest due to there error and to refinance your account for another 10 years. what can be done about this and is it legal.

Asked on 11/07/02, 9:22 pm

1 Answer from Attorneys

John Bator Bator Redman & Shive

Re: promissary note

Did they return the note stamped paid or provide other written releases of the debt? Was this a secured loan and did they release the collateral?

Depending on the facts, you have a defense, but I strongly recommend that you hire experienced bank counsel and get him/her involved asap

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Answered on 11/08/02, 10:29 am

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