A construction corporation is attempting to borrow money on a note secured by some of its property.

Question:

A construction corporation is attempting to borrow money on a note secured by some of its property. A bank agrees to accept the note, provided that the president of the corporation will personally endorse it. What is the point of this requirement? Would the bank be likely to require a similar endorsement if the firm were a partnership?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Financial Accounting An Introduction To Concepts Methods And Uses

ISBN: 9780030452963

2nd Edition

Authors: Sidney Davidson, Roman L. Weil, Clyde P. Stickney

Question Posted: