C.F.R. » Title 13 » CHAPTER I—SMALL BUSINESS ADMINISTRATION › PART 120—BUSINESS LOANS › Subpart B—Policies Specific to 7(a) Loans

13 C.F.R. § 120.201

Refinancing unsecured or undersecured loans

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A Borrower may not use 7(a) loan proceeds to pay any creditor in a position to sustain a loss causing a shift to SBA of all or part of a potential loss from an existing debt.

Notes of Decisions
Cited in 1 case, 1994–1994 · leading case: Ontap Premium Quality Waters, Inc. v. Bank of N. Illinois, N.A., 634 N.E.2d 425 (Ill. App. Ct. 1994).
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Ontap Premium Quality Waters, Inc. v. Bank of N. Illinois, N.A., 634 N.E.2d 425 (Ill. App. Ct. 1994). · cites it 2× “) Defendant responds that nowhere contained within the Federal rule is there a duty which obligates the bank to communicate a request to the SBA covering the transfer of collateral. Moreover, the allegation that defendant was required to seek SBA approval to transfer its…”
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