Legal Question in Credit and Debt Law in Florida

I have a question regarding a handshake loan for my business. I founded my company in Florida with one other partner and we received a loan to get started from his mother. We each signed a personal guarantee. 1 year later, things are not working out as predicted with the partner and I am thinking about separating and just starting on my own. I have enough money to cover my percentage of equity in the company. My worry is that upon separation, bad blood could be there and the mother tries to go after the full loan amount from me and not her son. Basically as a business and personal guarantor we signed for a loan of 100k. When I try to separate, I just want to hand her a 50k check and be done with it. Can she ignore her son's loan obligation and try to come after me for the full 100k even though we are 50/50 partners?

Asked on 12/18/16, 4:53 pm

David Slater David P. Slater, Esq.

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Yes and you would then have a claim against him for contribution.I assume you both guaranteed 100%, so she can pick.

Answered on 12/18/16, 5:15 pm

Barry Kaufman The Law Office of Barry W. Kaufman

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Yes. You and the son are each on the hook for the same $100k.

Answered on 12/18/16, 9:17 pm

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