Note: The DearEsq free 'ask a lawyer' site is offered as a free informational service to the public and is not intended as legal advice. Laws vary from state-to-state, and in addition every situation is unique, and relevant facts may not be known. The answer to the question posed below may not apply to in your state or to your situation. For legal advice in your state and your situation you should consult with an attorney in your state who is familiar with the rules and laws in your state.
I have a loan through a bank. I signed papers and recently the bank contacted me stating they misplaced the signed copies. Now they want me to come back in and re-sign the papers, and I feel like I shouldn’t have to because of negligence on their part. What should I do?
Banks hate missing documents. Although secured loans (like car and home loans) are secured by a separate document that’s registered with the state, the lack of an original loan document can make it more difficult for a bank to demand that the loan terms be followed. The bank is probably asking if you’ll come in to sign a duplicate of the original loan document. This will be marked as a duplicate, but the terms and conditions will be the same. It’s certainly possible for you to refuse, but keep in mind refusing to sign this copy may make it more difficult for you to force the bank to follow its terms and conditions. The agreement protects you as much as it protects the bank. Most likely, the bank has an alternative to having you sign a duplicate, such as executing an affidavit of the lost agreement, but signing a duplicate will be “cleaner.†If you do re-sign, make sure that all of the terms and conditions are identical, and that the document is marked as a duplicate.
