Legal Question in Credit and Debt Law in New Jersey

Liability

is the president of a C corporation legally responsible for debts to a vendor when signing as Guarantee?


Asked on 12/22/03, 8:51 pm

1 Answer from Attorneys
Eric Kochel The Law Office of Eric David Kochel, Esq., P.C.

Re: Liability

Yes - anyone signing as a guarantor is personally liable for debts incurred in the name of the corporation for that particular creditor - vendor, bank or otherwise. That is what you are agreeing to when you sign as guarantor on the debt.

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Answered on 12/24/03, 4:32 pm


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