Event Calendar

Wednesday, June 1, 2022

When a Business Owner Dies, Sells, or Delegates Authority Webinar

Start Date: 6/1/2022 9:00 AM MDT
End Date: 6/1/2022 10:30 AM MDT


Event Website: https://financialedinc.com/when-a-business-owner-dies-sells-or-delegates-authority

Organization Name: Independent Bankers of Colorado

Contact:
Maelynn Lewis
Email: mlewis@ibcbanks.org
Phone: (720) 607-7937

It could happen today. A business owner dies. Now what?  The business entity continues in perpetuity even though the owner has passed. How do you know who is authorized to act on behalf of the business?  Or what if the owner sells and wants to transfer ownership interest?  Learn how to handle these situations compliantly and avoid loss. What happens to loans or deposit accounts when a business owner dies or sells their ownership interest?  Except for a sole proprietorship, individual business owners are separate and distinct from the legal business entity (i.e., corporation, limited liability company, partnership, trust, etc.). When the individual owner dies, the legal entity continues to exist. Likewise, if the individual sells his/her ownership interest, the legal entity continues to exist, although ownership has changed. In both situations, your institution must determine who is authorized to act on behalf of the business entity regarding its loans and deposit accounts. This webinar will explain the proper procedures for when the business owner dies or sells their ownership interest, including the documents that must be reviewed and the actions your institution must take. It will also explain how to determine who is authorized to act on behalf of the business entity after the owner dies or transfers ownership interest.
 
AFTER THIS WEBINAR YOU’LL BE ABLE TO:

  • Understand what steps are legally permissible upon the business owner’s death or sale of ownership interest
  • Determine who can act for the business after the owner dies or sells ownership interest
  • Distinguish which parties can be held liable for repayment of the loan and/or guaranty after the owner dies or sells ownership interest
  • Identify situations when the business owner’s death or sale of ownership interest can and cannot constitute a loan default
  • Use the proper documents to change authorized signers on the business entity’s deposit account when the owner dies or sells ownership interest
TAKE-AWAY TOOLKIT
  • Sample procedures for handling loans and deposit accounts after a business owner dies or sells ownership interest
  • Employee training log
  • Interactive quiz
  • PDF of slides and speaker’s contact info for follow-up questions
  • Attendance certificate provided to self-report CE credits
WHO SHOULD ATTEND?
This informative session will benefit both loan and deposit personnel, all loan and deposit officers, collections staff, service representatives, compliance personnel, auditors, attorneys, and managers.
 
DON’T MISS THESE RELATED WEBINARS!
When a Borrower Dies, Thursday, September 8, 2022
When a Depositor Dies, Wednesday, December 7, 2022
 
NOTE: All materials are subject to copyright. Transmission, retransmission, or republishing of any webinar to other institutions or those not employed by your agency is prohibited. Print materials may be copied for eligible participants only.
 
MEET THE PRESENTER
Elizabeth Fast, JD, CPA, Spencer Fane LLP
Elizabeth Fast is a partner with Spencer Fane LLP where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions.

THREE REGISTRATION OPTIONS – WHAT YOU GET
1. Live Webinar Includes
  • Unlimited connections within your institution to the Live Webinar
  • Handout and Take-Away Toolkit
  • Available on desktop, mobile & tablet
  • Presenter’s contact info for follow-up
 2. On-Demand Webinar Includes
  • Recording of the Live Webinar
  • Available two business days following Live date
  • Handout and Take-Away Toolkit
  • Available on desktop, mobile & tablet
  • Free Digital Download, yours to keep
  • Share link with anyone at your institution
  • Presenter’s contact info for follow-up
3. Purchase the BOTH Option to receive all the benefits listed above! Full registration descriptions can be found here.