Law Firm Fails To Conduct Due Diligence On Commercial Loan Recipients


Due Diligence ExpertThis case involves an alleged breach of the standard of care regarding the legal due diligence for a loan executed in the state of Florida. The plaintiff is an insurance company that insured a loan of $15 million made by a bank for the purchase of real property. The recipient of the loan was comprised of 3 subgroups. The owners of one subgroup inaccurately asserted that they were the sole owners of the recipient company and signed the loan documents without authority. It was alleged that the law firm hired by the bank failed to conduct sufficient due diligence in determining that the recipients of the loan had the authority to sign the loan documents.

Question(s) For Expert Witness

  • 1. Please explain your experience performing legal due diligence on commercial loans.
  • 2. What responsibilities does a commercial lending attorney have in verifying the authority of a loan recipient?

Expert Witness Response E-074594

Expert-ID: E-074594

I am experienced in representing lending institutions and have background dealing with real estate transactions. I am familiar with the due diligence responsibilities of a commercial lending attorney. I have testified as an expert witness on a previous legal malpractice case.

Expert Bio:

This expert has been a licensed, practicing attorney since 1987. He has represented numerous lending institutions, private lenders, small and large businesses, and individuals. His practice has spanned numerous commercial and business areas such as real estate transactions, commercial lending, bankruptcy, and litigation, among others. He is a regular speaker at Continuing Legal Education events on these and other topics. He has also testified as an expert witness in state and federal courts.

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