Pool loan receivables refer to the payments, prepayments, or collections made by a borrower (the Obligor) in connection with a pool loan. This includes amounts paid under a pool note or related documents, as well as any funds collected on behalf of the borrower. Additionally, it encompasses liquidation proceeds, which are funds received from the sale of collateral or other assets if the borrower defaults.
This term is primarily used in the context of business loans, particularly those backed by the Small Business Administration (SBA). Pool loan receivables are relevant in various legal practices, including finance and business law. They often involve documentation and agreements that users may need to manage, which can be facilitated through legal forms provided by platforms like US Legal Forms.
Here are a couple of examples of abatement:
Example 1: A small business takes out a pool loan to finance expansion. They make monthly payments as agreed, which are classified as pool loan receivables.
Example 2: If the business defaults, the lender may sell the business's assets to recover funds, which would also be considered liquidation proceeds (hypothetical example).
This is not a complete list. State laws vary and users should consult local rules for specific guidance.
| State | Variation |
|---|---|
| California | Specific regulations on loan disclosures may apply. |
| Texas | Different interest rate caps on pool loans. |
| New York | Additional consumer protection laws may influence loan agreements. |
| Term | Definition | Difference |
|---|---|---|
| Loan Receivables | General term for amounts owed by borrowers. | Pool loan receivables are specifically tied to loans pooled for investment. |
| Liquidation Proceeds | Funds received from selling assets after default. | Liquidation proceeds are a component of pool loan receivables. |
If you are involved in a pool loan, ensure you understand your payment obligations and any related documents. Consider using US Legal Forms to find templates that can help you manage your loan agreements. If your situation is complex or involves potential default, seeking professional legal advice may be beneficial.
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A pool loan is a type of financing where multiple loans are grouped together for investment purposes.