Legal Question in Real Estate Law in Florida

What happens to a mortgage owned by a non profit corporation if the corporate board structure changes, ie: the president retires who was the guarantor of the note? Will the new president automatically become the new guarantor?


Asked on 10/08/13, 11:44 am

1 Answer from Attorneys
Barry Stein De Cardenas, Freixas, Stein & Zachary

The terms of the note and mortgage control. Not likely that the first one is let out and the 2nd automatically is added. The new president would have to sign a new guaranty and the mortgage note holder would have to agree to accept this new person in lieu of the first. Seek some legal help with your paperwork.

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Answered on 10/08/13, 1:47 pm


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