Resolutions should include basic recitals:
•A meeting was held on a certain date.
•The entity made a decision to request a loan from the Bank or guaranty the Bank’s loan to a third party.
•The loan will benefit the entity.
•Certain officers designated by name and title are authorized to execute loan documents on behalf of the entity.
•Pledging of real estate and other assets by the entity is authorized.
o Funding of any loan should not occur prior to receipt of a properly executed resolution. Otherwise, the authority to execute the loan documents or guaranty could be challenged as unauthorized.