6 Legal Check

This topic provides systematic instructions about legal check.

This stage is applicable only if the Legal Check Required check box is enabled while submitting the application in Document Officer Review stage. In this stage, a member of the legal team in the bank verifies the customer executed documents from a legal aspect so as to make sure that the documents will hold good in a court of law if the need arises.

The following table provides a high level overview about the Legal Check stage in PSN process.

Table 6-1 Legal Check Information and Activities

Information available for user Activities that can be performed by user
  • Latest approved Credit Proposal (Gold copy)
  • Customer summary
    • Liabilities approved
    • Facilities approved
    • Collateral Offered
    • Covenants stipulated
    • T&C stipulated
    • Financials
    • Demographic details
  • Facility marked for release
  • Collateral value updated as Held
  • Comments from previous stage
  • Verify the document / agreements uploaded in all the stages from a legal perspective
  • Review the facility marked for release
  • Review the collateral updated as held
  • Update comments
  • Submit the application for Final check
  • Send the application back for more information
  • Upload any Legal related documents, if necessary

Refer Docket Generation chapter for information on the fields in this stage. The Outcomes available for selection in this stage are:

  • Proceed
  • Send to Document Officer Review

If Outcome is selected as Proceed, the PSN application is moved to the Final Check stage on clicking Submit.

If Outcome is selected as Send to Document Officer Review, the PSN application is moved to Document Officer Review stage on clicking Submit.

You can select Proceed as Outcome, if Document Officer Review is not required before the Final Check.