Legal Question in Business Law in Connecticut

partners lawsuit against same for contribution

A company commercial loan became in default by the corporation and the bank took legal action against all partners who signed personal guarantees on the corporate notes. One partner paid the bank to cure the note. Can that paying partner sue the other partners for contribution? If yes, how much can he sue them for?


Asked on 8/04/02, 9:45 pm

1 Answer from Attorneys
Sarah Klug Law Office of Sarah Scova Klug PLLC

Re: partners lawsuit against same for contribution

The partner who seeks to be compensated needs to review the partnership agreement to determine what provisions are in place for this situation. For example, the partnership agreement may require that the partner who paid off the debt be repaid before profits are distributed.

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Answered on 8/05/02, 9:25 am


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