Is it legal for the loan officer to overdraft your corporation account to pay a loan? How about if the loan is another corporation in which you have ownership?
Whether or not it is legal for a lender to charge your corporate account for a loan payment will depend on state law, the wording of the loan contract, and the status of the loan, current or in default. Whether or not two corporations in good standing have common ownership, the two corporations are separate "persons" under the law. It would ordinarily not be acceptable for a lender to charge the account of one such corporation for the obligations of the other corporation, unless the corporation whose account is charged has joint or other liability on the loan. That might be the case if the corporation co-signed the loan or issued a guarantee of the debt.
If you are facing a transaction like the one you've described, contact the lender to inquire why the account was charged. If, after asking for documentation of the bank's authorization to make that charge, you remain unsatisfied that the charge was appropriate, contact an attorney.
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Whether or not it is legal for a lender to charge your corporate account for a loan payment will depend on state law, the wording of the loan contract, and the status of the loan, current or in default. Whether or not two corporations in good standing have common ownership, the two corporations are separate "persons" under the law. It would ordinarily not be acceptable for a lender to charge the account of one such corporation for the obligations of the other corporation, unless the corporation whose account is charged has joint or other liability on the loan. That might be the case if the corporation co-signed the loan or issued a guarantee of the debt. 