What to do about a personal gurantee?
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What to do about a personal gurantee?
I have an old personal gurantee that has the a name written in the space after I/we the undersigned and a totally different person that signed at the buttom, knowingly that the person who signed at the bottom is not an officer in the corporation and is not part of the company. The business defaulted and the creditor sued the business and the person who signed his personal bank account was garnished and not the other person whos name is the owner of the business and part of the corporation. Is this legal? Is this correct?
Asked on August 15, 2012 under Business Law, Maryland
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Apparently the court felt that the personal guaranty that you have written about is valid against the person that signed it given the fact that the court apparently had a judgment entered against the person who signed the document since there was a resulting wage garnishment.
It is not my call to question a matter with a judgment entered in it. I suggest that you consult with an attorney who practices in the area of contract litigation to assist you in the matter you have written about as soon as possible.
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