Corporate Officer Release From Personal Guarantee

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Corporate officers and personal liability: watch what you ...

https://www.lexology.com/library/detail.aspx?g=589d2fe7-12df-4a7f-bc6f-e6db77bfcae1

Oct 19, 2011 · The question before the Court was whether Mr. Ubom signed his name in his capacity as an officer of the corporation, or whether it was a personal guaranty. The Court held that Mr. Ubom …

Release of Guarantees Sample Clauses

https://www.lawinsider.com/clause/release-of-guarantees

If any guaranteed indebtedness is repaid in full with proceeds from the IPO and the Company's stockholders' guarantees thereafter shall have no further force or effect, then Centerprise shall not be obligated to use any efforts to obtain a release of such guarantee. In the event that Centerprise cannot obtain such releases from the lenders of any such guaranteed indebtedness or lessors of any guaranteed leases, Centerprise agrees to indemnify, defend and hold harmless the Company's ...

When is a Personal Guaranty Unenforceable? Gertsburg Law ...

https://gertsburglaw.com/blog/personal-guaranty-unenforceable/

Mar 25, 2021 · To be enforceable as a personal guaranty, the signatory must sign the guaranty in his or her personal capacity and not as the “president” or “CEO” of the company receiving the loan, which is its own legal entity, separate and apart from the people that run and operate it. A personal guaranty is not enforceable without consideration

Personal Liability for Corporate Debts </p> The “Two ...

http://www.sgalaw.com/news-and-views/2016/3/22/0fnld63u2hvnqk2pdp0spe018hxcjy

Mar 22, 2016 · Where the Purchaser is a corporation, in consideration of extending credit to it, the officer or officers signing on behalf of such corporation, hereby personally guarantee the payments hereinabove provided for. [3] Even though the contract explicitly stated that the president was personally liable, the Court ruled that he was not.

What language must be included to have a valid personal ...

https://www.jimersonfirm.com/blog/2013/11/what-language-must-be-included-to-have-a-valid-personal-guaranty-in-florida/

Nov 13, 2013 · These cases make it clear, then, that to have a valid personal guaranty, with regard to a corporate officer, there must be more than just the officer’s signature as personal guarantor; he or she must either be made a party to the contract, or the language of the guaranty must specifically state in clear and unambiguous language that the officer is signing in a personal capacity and not as a …

Can a Member of a Corporation Also Be the Personal ...

https://yourbusiness.azcentral.com/can-member-corporation-also-personal-guarantor-loan-20688.html

If a guarantor wants to be released from his obligation, the lender must offer its consent. Typical reasons to seek release include a guarantor leaving the company and an increase in profits on the...

Personal Guarantees in Bankruptcy AllLaw

https://www.alllaw.com/articles/nolo/bankruptcy/personal-guarantee-bankruptcy.html

It's relatively common for a business owner to file individual bankruptcy to get rid of a personal guarantee—and most personal guarantees will qualify for discharge. If it's a nondischargeable debt, however, bankruptcy won't help.

Corporate Guarantee: Everything You Need to Know

https://www.upcounsel.com/corporate-guarantee

Jul 06, 2020 · Although it's easier to prove the legal creation and obligation contained in a personal guarantee, corporate guarantees may be harder to prove. In general, personal guarantees are easier to legally enforce, except in the case that one party alleges forgery, fraud, or coercion.

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