Legal Question in Banking Law in Maine

Bank tampering with appraisel

Hi--After 23 yrs --bad bank relations--they have us in forbearance for not signing over stock options as collateral--they refused to term out a dept so to position themselves to aquire a property--They demanded an appraisal on a property--it came back a 3 million-appraiser sent us a copy--2 days later, banker calls and says it got it modified to suit the bank-we get another copy from same appraiser now it's 2 million--we complained that we wouldn't pay appraiser --Bank took $7000 FROM OUR account and paid him----got a call (cash flow is bad) that the bank decided to go back 7 yrs and look for missed late charged--took $7ooo from our account --we had records showing that the charges came from them waiting to make transfers from our line of credit until the charges occured. We have been told by other banks that we should take legal action but they have us cross collaterlized other bank can help us-about 3 times the amount of dept including harvestable land. Any of thhis stuff agaisnt the law? They say we signed it--We sgned when we had to to make payroll when they drained our accounts and kept us bled--help-----KW


Asked on 5/22/05, 11:12 am

1 Answer from Attorneys

David Anderson Anderson Business Law LLC

Re: Bank tampering with appraisel

I would have to review your loan docs to advise you. What is loan balance? Improved property or ag land?

Other debtors or individual?

Feel free to call or e-mail.

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Answered on 5/22/05, 12:59 pm


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