Legal Question in Banking Law in South Dakota

cosigned bank loan
Several years ago my father-in-law cosigned a loan with me at his bank after my now ex husband quite his job unexpectedly and left us in financial hardship. When my ex and I divorced I asked my father-in-law to take over the payments as I could no longer afford to as I had primary custody of the children and was paying for our home. He took over the loan. Recently he came to me and said he either wanted money from me or would have the sheriff serve papers and take me to court over this loan. I called the bank to get some info. on the loan and they would not give me any info. as they said my name was not on the loan anymore. Said my ex father-in-law redid the loan. Is there any way that I am legally held responsible for this loan anymore?

Asked on 8/09/08, 2:01 am

David Anderson Anderson Business Law LLC

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Re: cosigned bank loan

This should have been handled in your divorce.

I would need to see your orig.loan docs and Guaranty by father-in-law to advise.

Answered on 8/09/08, 9:04 am

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