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American Bankers Association Exam CRCM Topic 6 Question 95 Discussion

Actual exam question for American Bankers Association's CRCM exam
Question #: 95
Topic #: 6
[All CRCM Questions]

First National Bank made a loan to Lawrence & Co. for the purpose of purchasing landscape equipment, secured by a storage lot the company owneD. The borrower made payments for a year and then defaulteD. Three months passed without any communication or payments from the borrower, despite the bank's efforts to locate the company's owners. The company appears to have ceased operations. What is the bank's BEST course of action?

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Suggested Answer: D

by Willard at Aug 26, 2024, 01:37 PM

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Bea
14 days ago
Option B sounds like the most prudent choice. Gather some information before making any moves. Don't want to step in any metaphorical potholes, you know?
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Josefa
16 days ago
Hmm, I dunno. Maybe the bank should just declare the property as 'abandoned and spooky' and see what happens. *wink wink*
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Crista
21 days ago
Option A? Really? The bank can't just sit on its hands. It needs to take some kind of action here.
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Kathrine
3 days ago
B) Make reasonable inquiries to determine whether the property is abandoned and if so, report it as abandoned
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Annmarie
1 months ago
I think option D is the best choice. If the company has clearly abandoned the property, the bank should report it as such.
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Erasmo
2 days ago
B) Make reasonable inquiries to determine whether the property is abandoned and if so, report it as abandoned
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Rodolfo
27 days ago
A) Do nothing, because the bank has no actual knowledge of abandonment and has not foreclosed on the property
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Marya
2 months ago
Option C is the way to go. The bank needs to foreclose on the property and report it properly.
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Billye
13 days ago
Foreclosing on the property and reporting it as a foreclosure is the most appropriate step for the bank to take.
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Marta
1 months ago
I agree, option C is the best course of action in this situation.
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Malcom
2 months ago
Option B seems like the most reasonable approach. The bank should investigate the property's status before taking any drastic action.
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Sherill
3 days ago
That's a good point. Maybe the bank should try to locate the borrower first before making any final decisions.
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Jennie
4 days ago
But what if the company suddenly resurfaces and claims they were still using the property? Wouldn't it be risky to report it as abandoned without confirmation?
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Marjory
5 days ago
If the company has truly ceased operations, then reporting the property as abandoned would be the right move.
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Tamie
7 days ago
I agree, it's important to make sure the property is actually abandoned before taking any further steps.
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Rene
2 months ago
I think reporting the property as abandoned would be the best course of action. It's better to be safe than sorry.
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Kanisha
2 months ago
I agree with Marge. It's important to follow proper procedures in this situation.
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Marge
2 months ago
I think the bank should make reasonable inquiries to determine if the property is abandoned.
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