You Are the Account Manager of a Bank

question 15

Multiple Choice

You are the account manager of a bank. Your customer, Hank Arbuthnot, applies for an increase in the line of credit for his business. He offers a mortgage on his cottage as security. You know that Hank is married. Which of the following is FALSE?

• A)You should obtain a personal guarantee from Hank
• B)You should obtain a personal guarantee from Hank's wife.
• C)If the cottage is registered only in Hank's name, you needn't worry about getting a consent to the mortgage from Hank's wife
• D)If you insist on a guarantee from Hank's wife, you should ensure that she receives independent legal advice.
• E)If the cottage is registered in both Hank's and his wife's name, you must obtain her consent to the mortgage.

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