Board Resolution For Mortgage Of Property To Bank - Louisiana Resolution of Board of Directors - Authorization for Execution of Act of Subordination

• Category: Louisiana Corporaciones - Reuniones Organizativas - Virginia
• State: Louisiana
• Control #: LA-5488
• Format: Word

Description

In this example, the board of directors of a corporation resolves to authorize its vice president to execute an Act of Subordination covering a certain parcel of real estate. Subordination means an agreement to put a debt or claim which has priority in a lower position behind another debt, particularly a new loan. A property owner with a loan secured by the property who applies for a second mortgage to make additions or repairs usually must get a subordination of the original loan so the new loan has first priority. Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.