Legal Question in Business Law in New Hampshire
How can I get my name off a small business equipment loan for which the other party and I have agreed that he will assume all responsibility from here on? Is there a quit claim form I can sign for both parties to sign?
2 Answers from Attorneys
The person or company that gave you the loan would have to agree to release you. The agreement between you and the other party has no effect. Usually the lender will not release you unless they receive some other substitute security. Still worth a try to ask.
Simply put... you cannot just state that someone else will be responsible and take your name off the loan UNLESS the lender agrees, in writing. The loan was made by the lender to you, based on your credit and ability to repay. The new person (other party) should refinnace in his or her own name.
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