If I was anyone the Bank would never allow 3rd party endorsements. Especially this Bank who had an incentive in permitting the theft of $1M in checks payable to my name or my entity be stamped and deposited to pay off the lender with my A.R. The bank loan officer signed as a witness weeks then months then 2 years after the sale was closed and signed, The defendants who are the new owner who cashed checks described in over 2 pages that were for services dated prior to the sale, tjhe loan officer of same bank . Despite above and 3 lawyer letters to cease and follow the agreement signed by buyer and witnessed by this lender, they continued this 3rd party endorsements but with only my objections until they stole >$1M. Bank is so sure it was not legal they filed a cross claim against the buyer, their customer. case has had 5 lawyers on contingency . For 6 years judge allowed the defendants not to show 6 times . After 1-3 times of this, my lawyers gave up. I can not have federal agencies help because the judge will not allow me to drop the case so Bank can stop responding "Due to litigation we can not comment". I showed copies of checks, the agreement ,etc? Law is clear? Help?
If you and your medical business owed the bank any amount of money borrowed by you to finance your medical business this is normal procedure followed when customers want to sell the business that was funded by the bank. The only other way would be for the bank to allow the buyer to assume your debt obligation--and give them a new business loan--which is normally not done by banks facing this situation. Why? Because the bank (obviously) does not want to make any new loans collaterilized by your old ARs. It is much easier for them to use your accounts receivable as they come in to repay your business loans. Giving your old ARs to the new (unknown?) buyer--and then trying to collect on an a new business loan from him--is way to risky for the bank. They want out--same as you did. .
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