Legal Question in Business Law in Illinois
Personal guarantee
My wife signed a personal guarantee in 1996 for a company she had with her ex-husband. They have divoriced and she signed everything to do with company over to him. She has no interest in the business. He is refuding to pay a bill with this company and now they are bringing her into the law suit. I'm wondering if there are expirations on personal guarantees? How liable is she for these bills?
Asked on 3/12/08, 6:16 pm
1 Answer from Attorneys
John Steele
Steele Law Firm
Re: Personal guarantee
No (unless stated in the guarantee). Yes, that is the point of the guarantee. Its that simple. Now if she had him indemnify her in the decree, she can go after him (after she pays the debt)
Answered on 3/13/08, 10:53 am
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