When a Business Owner Dies, Sells, or Delegates Authority

June 1, 2022
Live Webinar
DateJun 1, 2022Duration90 minutes
08:00 AM PDT09:00 AM MDT
10:00 AM CDT11:00 AM EDT
    • Unlimited connections for your institution
    • Available on desktop, mobile & tablet
    • Take-away toolkit
    • Presenter’s contact info for questions
On-Demand Webinar
  • Unlimited and shareable access
    two business days after live streaming
  • Available on desktop, mobile & tablet devices 24/7
  • Take-away toolkit
  • Ability to download webinar video
  • Presenter's contact info for questions
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It could happen today. A business owner dies. Now what?

The business entity continues in perpetuity even though the owner has passed.  How do you know who is authorized to act on behalf of the business?  Or what if the owner sells and wants to transfer ownership interest?  Learn how to handle these situations compliantly and avoid loss.

AFTER THIS WEBINAR YOU’LL BE ABLE TO:
  • Understand what steps are legally permissible upon the business owner’s death or sale of ownership interest
  • Determine who can act for the business after the owner dies or sells ownership interest
  • Distinguish which parties can be held liable for repayment of the loan and/or guaranty after the owner dies or sells ownership interest
  • Identify situations when the business owner’s death or sale of ownership interest can and cannot constitute a loan default
  • Use the proper documents to change authorized signers on the business entity’s deposit account when the owner dies or sells ownership interest

WEBINAR DETAILS

What happens to loans or deposit accounts when a business owner dies or sells their ownership interest?  Except for a sole proprietorship, individual business owners are separate and distinct from the legal business entity (i.e., corporation, limited liability company, partnership, trust, etc.).  When the individual owner dies, the legal entity continues to exist. Likewise, if the individual sells his/her ownership interest, the legal entity continues to exist, although ownership has changed.  In both situations, your institution must determine who is authorized to act on behalf of the business entity regarding its loans and deposit accounts. 

This webinar will explain the proper procedures for when the business owner dies or sells their ownership interest, including the documents that must be reviewed and the actions your institution must take.  It will also explain how to determine who is authorized to act on behalf of the business entity after the owner dies or transfers ownership interest.

WHO SHOULD ATTEND?

This informative session will benefit both loan and deposit personnel, all loan and deposit officers, collections staff, service representatives, compliance personnel, auditors, attorneys, and managers.

TAKE-AWAY TOOLKIT

  • Sample procedures for handling loans and deposit accounts after a business owner dies or sells ownership interest
  • Employee training log
  • Interactive quiz
  • PDF of slides and speaker’s contact info for follow-up questions
  • Attendance certificate provided to self-report CE credits

NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your agency is prohibited. Print materials may be copied for eligible participants only.

Presented By

Elizabeth Fast, JD & CPAElizabeth Fast
Spencer Fane LLP
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