Legal Question in Credit and Debt Law in Texas
being sued for 120k for default credit on corporation
I am being sued for approx. 120k for a defaulted credit/loan to a supplier of a corporation I was 1/3 shareholder. There is a personal guarantee in play in which I and one other shareholder signed in order for the corporation to recieve the credit. The corporation is no longer doing business. What is my actual liability, and do I need to employ council to deliver an answer to the court.
Asked on 6/21/09, 8:19 pm
1 Answer from Attorneys
Donald McLeaish
McLeaish&Associates;, P.C.
Re: being sued for 120k for default credit on corporation
Yes, hire a good lawyer...there may be defenses..
Answered on 6/22/09, 8:53 am
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