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Please Help... Law Regarding Rehabbing Private Student Loans (possible lawsuit now)

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Anonymous
Not applicable

Re: Private Student Loan in collections supposed to be transferred back to OC

If a fax stating that I need to pay the OC certain amounts to bring the account current counts as a contract, then I do indeed have a contract with the OC.  But I think I will still used the restrictive endorsement as planned.  Thanks!
Message 21 of 25
LynnInMN
Frequent Contributor

Re: Private Student Loan in collections supposed to be transferred back to OC

The restrictive endoresment is a waste of ink as the CA has signatory priveleges for Key Bank. 

 

Keep in mind  your prom  note  is your contract.    Nothing overrides  it. 

Ex-Financial Aid Officer

Ex-Student Loan Collector
Message 22 of 25
Anonymous
Not applicable

Re: Private Student Loan in collections supposed to be transferred back to OC

Hi Lynn, thanks for your input. It won't be much ink wasted, but what exactly do you mean by signatory privileges? The CA should be out of the picture by then, anyway. Amd they are not mentioned in the promissory note!
Message 23 of 25
Anonymous
Not applicable

Re: Private Student Loan in collections supposed to be transferred back to OC


@Anonymous wrote:
Hi Lynn, thanks for your input. It won't be much ink wasted, but what exactly do you mean by signatory privileges? The CA should be out of the picture by then, anyway. Amd they are not mentioned in the promissory note!


Signatory privileges: Think in terms like if you're an AU on your wife's credit card account. The account's not in YOUR name, but you can sign your name in reference to transactions. You carry a limited amount of privileges on your wife's CC.

Legally, though, a R/E restricting the deposit or endorsing of an instrument, regardless of privileges, IS binding. The R/E would take precedence over the privileges. However, I'd think it's likely that it just wouldn't be processed or attributed to the account.

And yes, I do know that for a fact. We had a Cub Scouts checking account (obviously not-for-profit) and a parent disliked one of the Treasurers and did the same type of R/E as you're thinking of. Regardless of the signatory privileges, the Treasurer in question was NOT allowed to deposit the check. In fact, because of the nature of the account (the Treasurer was listed as an account-holder), it was not depositable at all.
Message 24 of 25
Anonymous
Not applicable

Re: Private Student Loan in collections supposed to be transferred back to OC

I will be calling the OC on Monday (and may need to call back Tuesday, as Monday is a holiday) to find out if and when the CA will be out of the picture.  Hopefully the only issue will be getting paid on Jan 30 and getting the money to the OC by Feb 5.
Message 25 of 25
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