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(Answered) purposes of purchasing a building for the partnership


"John and Jay are college roommates. Jay is a finance officer with the Bank and earns $200,000 per;year. John has just finished training as a Real Estate agent and is about to take a test to become a;realtor. Jay and John decide that they would like to partner for purposes of starting a;business that will buy and sell real estate.;Jay approaches his bank and requests a loan for purposes of purchasing a building for the partnership. The;Bank president, who is a friend of Jay's states it is a violation of bank;policy to lend money to an officer of the bank. Jay says, ""That's okay, you can just lend the money to John;my partner and I will guarantee payment."" The bank President authorizes the Bank to forward $200,000 to;John and John buys a building in his name. Please discuss the following issues;a) What does the Bank want to do to secure its loan to John?;b) What real and potential interest does Jay have in the Building and why?;c) If no-one pays back the loan to the bank, can the bank sue Jay for;the money?;d) If the Bank loan is not repaid and the Bank fires Jay as a result does Jay have any rights against the;Bank?;Additional Requirements;Level of Detail: Show all work;Other Requirements: Define all legal terms used.Don't research these issues under applicable law.Answer questions using legal terms and common law concepts. If you use legal term please define the legal term and apply the definition and or elements of the legal term to the facts to reach your conclusion."
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purposes of purchasing a building for the partnership

 


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