I was a personal guarantee on a business line of credit. I left the business on 12-31-09. The line of credit was renewed in July, 2010. I did not sign any documents related to the renewal. Am I still responsible for the loan?
The answer depends on the terms of the personal guarantee. Without reading it to see if it covers renewals, etc., we can't offer an opinion.
Start by reviewing the documents you signed. If that doesn't provide the answer you're looking for, talk to an attorney.
BankingQuestions.com is a free service made possible by the generous support of our advertisers. Advertisers are not responsible for site content. Please help us keep BankingQuestions.com FREE by supporting our advertisers. When you see an ad for a product or service you may have an interest in, click through to learn more.
Accounts
Article
Q&A
Podcast
Video
Blog
Discussions
PDF
Powerpoint
The answer depends on the terms of the personal guarantee. Without reading it to see if it covers renewals, etc., we can't offer an opinion.
Start by reviewing the documents you signed. If that doesn't provide the answer you're looking for, talk to an attorney.
