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Bank continues to honor debit request on closed account
Thanks, Ice. That was a quick reply!
I noticed the bank of the company closure on 2/17of this year, along with all of the other vendors. Probably after the account was charged-off/closed by the bank.
The account had been O/D for much longer than the bank's policy because we had had a good relationship with them since 1999, and had cash flowed significant amounts in that timeframe. The VP of the bank extended the deadline for the account to be brought current by manually over-riding the daily charge-off requests from the software. We were holding out hope that a major contract we had been working on would come together and it did not before what the VP had been doing ended up in front of someone who closed the account.
I will need to review my statements and paperwork to lay out the sequence of events properly.
Bottom line is that I am not a company. This is exactly why people (individuals) elect to create fictions to assign liability to, is it not? Why else did I create the entity if not for something like this?
Any case law on this issue that might be helpful? I am looking into annotated's here in Tennessee.
I will check into the exact sequence of events and post shortly.
Thanks again -
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