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Wolters Kluwer Financial Services |
Most frequently, the Secretary of a corporation signs the Authority document, referd to by some corporations as a Clerk. Expere Commercial allows the lender to use whatever title is appropriate.
One exception to the above is when the lender opts to have specimen signatures in the Authority doc. This means that the Secretary (or other titled person) will sign at the bottom of the Authority document, but the other officers will sign their specimen signatures in the body of the Authority document.
Another exception is when there is a sole officer and director of the corporation. That sole officer and director may be the President and Secretary and Treasurer combined. This only presents problems when the lender wants to have that person have one title in the Authority document and another title when they are signing the Note and other non-authority documents.
Sometimes the names and titles of the person(s) signing are unknown. Expere Commercial produces an Authority document with one or more blanks for signatures.
In one or more states, the beneficiaries of the trust sign a separate Authority document. In all states, the beneficiaries sign a Direction of Beneficiaries, which is also a separate Authority document. Trustees may be beneficiaries, but do not need to be.
Generally, all of the Trustees of a Trust are going to sign the Authority document and the non-authority documents. This is usually not a problem since most Trusts will have one Trustee only. If there is more than one Trustee, Expere Commercial does allow the lender the option to have fewer than all Trustees sign the non-authority document.
Use Signer/Selected and Party/SignerAuthorityType to choose which partner or partners will sign the non-authority documents. Most often, all partners will sign the non-authority documents.
Either managers or members operate Limited Liability Companies. Most often, one manager operates the LLC and therefore one manager signs the Authority document.
Depending on whether the LLC is manager operated or member operated, Expere Commercial is set up so that all managers or members sign the Authority document.
Use Signer/Selected and Party/SignerAuthorityType to choose which managers or members will sign the non-authority documents. Most often, all managers or all members will sign the non-authority documents.
Unincorporated Associations tend to operate the same as corporations in that they have officers and directors.
The rules for Unincorporated Associations are not well defined, so generally follow the same practices for corporations.
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Wolters Kluwer Financial Services |