Legal Question in Banking Law in Minnesota

bank laws

Can a bank withdrawal money from a

personal account to pay debit owed to

the bank that is from a business you

own with out your authorization

Asked on 4/24/09, 3:01 pm

2 Answers from Attorneys

David Anderson Anderson Business Law LLC

Re: bank laws

No- I would want to review your deposit agreement to confirm-but if NA, their action would constitute THEFT.

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Answered on 4/24/09, 3:33 pm

Daniel Reiff Reiff Law Office

Re: bank laws

Doubtful. There could be some circumstances when they could, though. So, it is impossible to determine the answer based on the information provided. What does your contract with the bank (i.e. account opening agreement) say? Is the business a sole proprietorship or some other form of business? Are the accounts cross-collateralized or otherwise linked? Is there any other document giving the bank authority to do that? Is there a personal guarantee? I'd want to know the answers to those questions before giving a definitive answer.

MY STANDARD DISCLAIMER: This is not intended to be legal advice or to create an attorney-client relationship. No attorney-client relationship is intended until you and I sign a retainer agreement.

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Answered on 4/24/09, 3:52 pm

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