Legal Question in Real Estate Law in New York

Commercial lease,personal guarantee, marital property

I own a small business,which is incorporated. I live in one state ,business is in another. If I sign a personal guarantee on a commercial lease, can they put a lien on my marital property home? My spouse is in no way involved in the business. I am President, Vice President,Treasurer and Secretary. I am currently negotiating a lease for business location.


Asked on 1/27/05, 4:38 pm

2 Answers from Attorneys
Gerald Hershenson Law Office of Gerald M. Hershenson

Re: Commercial lease,personal guarantee, marital property

Under Pennsylvania law property owned as husband and wife (tenants by the entirities) is not subject to attachment for an individual debt of a spouse. I suggest you consult legal counsel before signing any guarantee. Gerald Hershenson Esq. 215-579-9390

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Answered on 1/27/05, 5:00 pm
Robert R. Groezinger GroezingerLaw P.C.

Re: Commercial lease,personal guarantee, marital property

A personal guaranty is just that. They can get a NY judgment against you, and levy or execute against your property in another state that is in your name (it need not be in your name alone).

Good Luck

RRG

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Answered on 1/27/05, 5:16 pm


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