Legal Question in Business Law in Illinois
Personal Guaranty Breach
I was an employee for a mortgage company in Illinois in Illinois, and my employer asked me to sign a personal guaranty as a ''local representative'' for the lease. The lease was broken, and I am being sued along with my former employer for the back rent plus fees and costs. My employment agreement say that I cannot bind the company to any contract or agreement. Could the employment contract moot the guaranty as the guaranty states that I guarantee payment by the tennant, and I am not named as a tennant in the lease, the company is.
2 Answers from Attorneys
Re: Personal Guaranty Breach
You didn't sign the guaranty as the tenant; you signed a personal guaranty according to your own statement of the facts.
You are certainly entitled to bind yourself even if you are not authorized to bind the company.
David K. Staub, Illinois business attorney
Re: Personal Guaranty Breach
Cutting through to the chaser, you are stuck.
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