01 May QuestionJohn and Jay are college roommates. Jay is a finance offic
Question
John and Jay are college roommates. Jay is a finance officer with the Bank and earns $200,000 peryear. John has just finished training as a Real Estate agent and is about to take a test to become arealtor. Jay and John decide that they would like to partner for purposes of starting abusiness that will buy and sell real estate.
Jay approaches his bank and requests a loan for purposes of purchasing a building for the partnership. TheBank president, who is a friend of Jay’s states it is a violation of bankpolicy to lend money to an officer of the bank. Jay says, “That’s okay, you can just lend the money to John,my partner and I will guarantee payment.” The bank President authorizes the Bank to forward $200,000 toJohn and John buys a building in his name. Please discuss the following issues:
a) What does the Bank want to do to secure its loan to John?
b) What real and potential interest does Jay have in the Building and why?
c) If no-one pays back the loan to the bank, can the bank sue Jay forthe money?
d) If the Bank loan is not repaid and the Bank fires Jay as a result does Jay have any rights against theBank?
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