Posted by Kristine-CA on January 19, 2007 at 11:31:53:
Hi Rick. Your points remind me that title companies haven’t asked me
for more than proof that the signors/sellers are approved to sign.
They don’t go around researching the status of their corporate
paperwork. I don’t know why I didn’t see that before
It’s the corp members that have to deal with what happens to the
proceeds and how they get documentated (if at all). Thanks for your
help. Kristine
Who can sell/sign if corp status is revoked? - Posted by Kristine-CA
Posted by Kristine-CA on January 17, 2007 at 23:05:39:
DaveD-WI suggested that I post this question here.
I’m working on a deal where the owner of record is a Nevada non-profit corp.
The corp status is revoked–it appears they are behind on paperwork, etc. The
president is deceased, but I believe there are other signors indicated in the corp
docs.
In your experience, has title accepted a deed signed by a signor with no check-
up on the status of the corp? My experience so far is that escrow has always
required a copy of the corp minutes where the sale was approved.
TIA for your ideas. Kristine
Re: Who can sell/sign if corp status is revoked? - Posted by Rick, the Probate Guy
Posted by Rick, the Probate Guy on January 18, 2007 at 12:42:41:
Hey Kristine -
My CA title company normally asks for a copy of Corp. Articles and corp. resolution empowering the officer or individual to sign. I’ve never had anyone ask for anything more.
Perhaps your principal can execute these documents (that you prepare?) to satisfy title. Someone may ask if this corp. had other officers and directors (hopefully it’s not a one-man corp.).
Call me privately if you wish to discuss.
Rick