Barbara / CA notes:
***Actually the seal is for when the borrower is a Corporation.
I have to differ. There may be states where signatures under seal apply only to corporations, but I have reservations about that.
The (seal) or "l/s" after a name has nothing to do with the corporate status of the signatory. It is a device that, depending on the state law, will extend the statute of limitations for a contractual transaction and/or eliminate the need for mutual consideration to validate a transaction.
|
