Legal Question in Credit and Debt Law in California
personal guarantor
How long is someone responsible for the credit of a corporation? What if the guarantor resigns from the company? Is he or she still responsible?
Asked on 9/01/07, 10:50 pm
1 Answer from Attorneys
Robert Mccoy
Law Office Of Robert McCoy
Re: personal guarantor
A guarantor is responsible for as long as the statute of limitations lasts. On a written guarantee, the statute usually lasts 4 years from the date that the agreement is breached (i.e. the last time a payment was missed). On an installment contract, however, the statute may not begin to run until after the last installment is due.
Answered on 9/03/07, 4:29 pm
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