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approved loan application revoked

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1 approved loan application revoked on Thu Feb 09, 2012 12:06 pm

andresrizal


Arresto Menor
Hi.

An application for loan of 1M pesos was approved by the board. REM was already prepared and notarized & applicant already paid the corresponding documentary stamps. However, before said REM is registered, an adverse finding on the applicant surfaced. is there any liability on the part of the creditor should the approval be revoked?

Thanks.

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2 Re: approved loan application revoked on Sat Feb 11, 2012 3:37 pm

attyLLL


moderator
the 1m has not been released?


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3 Re: approved loan application revoked on Mon Feb 13, 2012 9:32 am

andresrizal


Arresto Menor
Not yet Atty. There isnt any signed promissory note either. Just wondering what might be the case if applicant claims damages should he already have committed the proceeds of his application.

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4 Re: approved loan application revoked on Fri Feb 17, 2012 9:32 pm

attyLLL


moderator
you should inform the applicant at once. there is no perfected loan until the proceeds have been received


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[i] Visit our FB Page: BPO Employee Legal Advice
Warning and Disclaimer: I am not your lawyer; and you are not my client. With the limitations of an  Internet forum, a thorough review of your concern is not possible. View my comments at YOUR OWN RISK. It is best to actually retain a lawyer for your individual concerns.
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5 Re: approved loan application revoked on Sun Feb 19, 2012 6:32 pm

andresrizal


Arresto Menor
thank you very much.

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