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12-01-2016, 10:53 AM #1
- Join Date
- Nov 2014
- Location
- NYC
- Posts
- 187
"According to the affidavit of Pearl's Head of Underwriting, submitted in support of the motion for default, the ledger annexed to that motion "shows that defendants began with a total of loaned funds of $13,050.00,[FN2] against which they paid a total of $6,734.00, leaving a balance due of $6,316.00, to which - per the agreement - has been added check bounce fees of $665.00 and the contractual default fee of $2,500, making a total due to $9,481.00." Plaintiff also claimed entitlement, under Agreement ¶ 3.4, to recover any costs associated with this action, plus reasonable attorney fees in the amount of $3,160.00. Plaintiff also alleged that defendant Neely guaranteed defendant RDN's performance under the Agreement." shows that defendants began with a total of loaned funds. Also, on the funding call the underwriter used the term "loan"
David Obstfeld
Chief Executive Officer
SOS Capital
1330 Ave of the Americas, NY, NY 10019
212-235-5455
SOSCapital.com
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12-01-2016, 10:57 AM #2
And that could be all it takes to cross the threshold into illegal territory. This course will help you understand the differences between purchases and loans: http://www.counselorlibrary.com/public/courses-mca.cfm
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