Full text of Mimeograph Letters and Statements of the Board : Interpretation of Law or Regulation: Statement of Borrower Need Be Obtained Only From Party Who Receives Proceeds of Loan Under Section 5(d) and Section 5(c) (1), Number S-428, Volume 56, Page 119

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119
.S-4215
Reg.W

I~JTEi\P~ETATION

0/ LAW OE li.EGUI.,ATIOH

Janu'lry 27,

l9L~2

/

W-125.

Section 5(c)(1J requires that c:.. copy of the

stc:..ten,ent of the tra:r;.saction be giv"m tc tile obligor.
has bE:en asked whetht;r u copy of

th~;:;

sJ...:.e.temer~t

T~1e

Board

should be given

to each of the parties to a nota which is made oy S(;Veral co-I

makers, some of whom are accon:modation makerD.
The Board replied that a cop-.;r of the statement need
be given only to the party who

:csce:Lve~

the proceedr,\ oi' the

loan.
Similarly, the Statement of the Borrm:er required by
section 5(d) need be obtained o~1ly from the party who receives
the proceeds of the loan.