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Hi all! Excited to make my first ask-a-lawyer post here. I am representing a client who is making a substantial term loan to a company for a fixed fee which funds are to be returned once the borrower achieves financing from a third party. My client is seeking to have a joint control account or escrow account in place to ensure the funds are not withdrawn without his consent - this is a business agreement. The borrower has been looking for options to create such a joint control account on short notice (they need the funds in place in a day or two) but haven't been able to find a bank or third-party broker who will move this fast. Any ideas on banks in SoCal that can help here on short notice? Or any ideas on alternative account arrangements where both borrower and lender can be in control of the account?
John Yow Wed, Jun 26, 2024, 4:02 AM
Maybe you've already tried, but could you have the borrower open another account at their existing bank and then put a DACA on it? That may be possible in a few days. If you're doing something at a new institution you'll have KYC etc. and it'll take time.
Syeda Wed, Jun 26, 2024, 4:05 AM
We tried part of this. The borrower's existing bank - Citi - is saying they will need 7-10 days to open a new account for an existing client. Not sure why that long but that timeline is not workable. So didn't get to discussing the DACA for that option. Appreciate your feedback!
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Long shot - does anyone have a property law specialist or litigator, they can recommend in Missouri? My brothers condo building is involved in what will probably be a very messy dispute in St. Louis. My brother wants to figure out how to sell or get out of a situation and it’s tricky.
Cecilia Ziniti Fri, Jul 26, 2024, 9:27 PM
Here’s the complaint
Laurel Palluzi Sat, Jul 27, 2024, 1:01 AM
I'll send out a few feelers to some of my Chicago groups -- regional Midwest firms that might have Missouri
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