http://www.thelinuxlabs.org/line-of-credit-business/transfer-my-business-line-of-credit Loans Thu, 02 Sep 2010 23:06:06 +0000 http://wordpress.org/?v=2.9.2 hourly 1 http://www.thelinuxlabs.org/line-of-credit-business/transfer-my-business-line-of-credit/comment-page-1#comment-597 STEVEN F Wed, 10 Mar 2010 02:14:59 +0000 http://www.thelinuxlabs.org/line-of-credit-business/transfer-my-business-line-of-credit#comment-597 You can TRY to get the bank to release you. Assuming the line of credit is in the BUSINESS name, you have a shot at that. In the very likely chance they won't release you, your ONLY option is to pay off the existing balance and sue him for repayment. You CAN inform the bank you will not be liable for any FUTURE borrowing against the line. If they allow your partner to keep using the line, they must pursue HIM for those amounts.<br><b>References : </b><br> You can TRY to get the bank to release you. Assuming the line of credit is in the BUSINESS name, you have a shot at that. In the very likely chance they won’t release you, your ONLY option is to pay off the existing balance and sue him for repayment. You CAN inform the bank you will not be liable for any FUTURE borrowing against the line. If they allow your partner to keep using the line, they must pursue HIM for those amounts.
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