Legal Question in Credit and Debt Law in Massachusetts

Personal Guaranty Laws with Notary
My wife and I started a car dealership a few years ago. When secured floorplan financing I was sent a contract/ personal guaranty.I was told that they needed it back in the mail that day. I stated that my wife was not available to sign the documents that day. I was told to just sign her name and that they have a notary there that could notarize the document. But that I needed to get the contract FedExed back that day. I did this as requested. A couple of month's later when I was out of town on business, they reposessed there (Floor Plan) vehicles as well as a personal vehicle, a corporate vehicle(My other business) as well as other vehicles that belonged to an auction(they were on the auctions 30 day plan).My question is two fold; is the document legal without my wife's signature that I signed and was notarized by them, and do they have the right to keep my personal and corporate vehicle. They did return the other vehicles to the that belonged to the auction, but they were late returning them essentially putting me out of business. Also, I never received a copy of the contract/guarantee even though I have made numerous requests.

Asked on 11/20/08, 1:57 pm

2 Answers from Attorneys

JOHN TATOIAN LAW OFFICE OF JOHN A. TATOIAN ESQ.*Licensed Only in Massachusetts

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Re: Personal Guaranty Laws with Notary

Query the effect of your act in purportedly signing your wife's name to a loan agreement, irespective of it being properly notarized. The other obvious issue is whether you complied with the terms and conditions of the loan. Please feel free to contact my office for a free initial consult based upon the facts of your specific situation.;))

Answered on 11/26/08, 11:27 am

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