How to Use Business Resolutions and Authorizations to Protect Your Financial Institution
Some of our best and most profitable financial institution customers are legal entities. Unfortunately, establishing relationships with business entities can be confusing, and if done incorrectly, they can become costly liabilities.
One of the most effective ways for a financial institution to protect itself from business entity liability is by obtaining a well-drafted, properly-executed resolution or similar authorization from the business. Attend this webinar to know more about the ins and outs of resolutions and authorizations.
- What is the purpose of a resolution or authorization?
- What language should be contained in a resolution or authorization?
- Who should sign a business entity resolution or authorization form in order to make it binding on the business?
- What are the differences between financial institution-prepared and customer-prepared resolutions and authorizations?
- What are the risks of accepting customer-prepared forms?
Lenders and new account personnel responsible for loan and deposit account documentation.
Terri D. Thomas is Senior VP and Legal Department Director for the Kansas Bankers Association. Prior to this, she was with “Bankers Choice,” a financial consulting firm. Before this, Terri was employed in the financial industry for over twenty-three years in various capacities. Most notably, she served for fourteen years as in-house legal counsel and trust officer for Bank of America and its Kansas predecessors. Receiving her Bachelor of Arts degree from Kansas State University in 1985, Terri continued her education at Washburn University School of Law and obtained her Juris Doctor in 1988.
Presently, she serves as an adjunct instructor at Washburn University School of Law and the University of Kansas School of Law and is a frequent seminar presenter for financial associations.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 CE Credits
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