In our MN statutes it states that CDs are considered 'notes from a bank' and that they are also negotiable instruments. Are banks able to set off a loan of a bank debtor from a bank CD? Statute and case law state that only 'general account funds' can be used for set off, yet the local banks believe they are allowed to do this. What do you think?
You have posed a question that requires the unique knowledge of an attorney well-versed in Minnesota statutes and case law. There are often differences of opinion about what can and cannot be taken to set off against a loan, but without the knowledge of state law and legal opinions in Minnesota, we cannot help resolve those differences.
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You have posed a question that requires the unique knowledge of an attorney well-versed in Minnesota statutes and case law. There are often differences of opinion about what can and cannot be taken to set off against a loan, but without the knowledge of state law and legal opinions in Minnesota, we cannot help resolve those differences.
