18 Mar What can I do if my bank cancels or cannot honor my line of credit?
Generally a bank cannot legally cancel a contract to lend money – provided the borrower is in compliance with all the provisions of the loan agreement. However, when a line of credit matures, the bank is not required to renew the loan unless there is a written provision in the (maturing) contract. If a bank chooses not to renew the credit line, you must seek financing elsewhere.
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