Legal Question in Business Law in New Jersey

Renewal of Loan and co-signer

I signed a guarantee with several

others for a business loan from a

former business partner to the

business. The president who is one of

the co-signers is the only person to

sign the loan papers. The note was

for a period of one year. After the

one-year period the note still had a

balance and was in default. The

president of the company

renegotiated the loan without

anyone else�s approval or mine. Was

the president required to get

everyone�s approval? Is my

guarantee still in effect?


Asked on 2/11/07, 10:41 pm

1 Answer from Attorneys
Frank Pintauro Donohue & Partners, PC

Re: Renewal of Loan and co-signer

More information is needed. If the note was renegotiated, then a new agreement should have been drawn up. If you are not a party to that agreement you would have no obligations thereunder unless it incorporates by reference the original note.

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Answered on 2/12/07, 10:11 am


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