Legal Question in Business Law in Oklahoma
Personal Guarantor
A company wants to use me as a personal guarantor for their company. Can they use me to get money then take me off of the company with no obligation to pay for the money they spend? They told me in 30 days I will be removed from the company and will not be responsible for the money spent. Is this true?
Asked on 4/15/09, 10:46 pm
2 Answers from Attorneys
Wayne Allison
Allison Legal, LLC
Re: Personal Guarantor
If you are guaranty of another's debt, and they default, you will owe the debt. If you are to be released from being the guaranty, you'll want to get that in writing from the creditor, not just the company. Before you sign anything it would probably be a good idea to get an attorney to review it.
Answered on 4/15/09, 11:48 pm
Johm Smith
tom's
Re: Personal Guarantor
Mr. Allison is correct. Consult an attorney for OK before you sign anything!
Answered on 4/16/09, 9:30 am
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