Legal Question in Business Law in Illinois

personal guarantee

what are the time limits on a personal guarantee


Asked on 6/12/07, 3:37 pm

2 Answers from Attorneys
Noelle Ansley Noelle Ansley

Re: personal guarantee

If you are talking about a personal guarantee in connection to a loan, and you didn't negotiate it down to a specific time period, then it's good for the entire term of the loan.

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Answered on 6/12/07, 3:43 pm
Thomas Moens Moens Law Offices, Chartered

Re: personal guarantee

Generally, it will be for the entire term of the obligation plus ten years.

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Answered on 6/12/07, 5:58 pm


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