Status of Parties
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Short Description: |
The status of the parties in relation to
the instrument e.g. Vendor, Purchaser, Borrower, Lender.
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| Quick Tips: |
- Status of the parties normally follow the names of parties in the instrument.
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FAQ:
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| Q1: |
There are some types of "Letters" e.g. Consent Letter in which there
is no clear identification of the status of parties in the instrument.
In such cases, how to enter the status of party in the memorial? |
| A: |
In such cases, it is not a must to enter the status of the party
except for Letter of Nomination and Letter of Rescission. For memorials
of "Letter of Nomination", the status of the party being nominated
as "Purchaser" should be entered into the memorial either as "Nominee(s)"
or " Purchaser(s)". For memorials of "Letter of Rescission", the status
of the parties being Vendor and Purchaser should be stated.
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