Minnesota  |  Business Law

Legal Question

Asked on: 10/21/13, 3:33 am

A friend signed a guarantee that is labled "unconditional and absolute" for a transaction. This transaction was for funds to be deposited into escrow and then repaid when the party had secured the business loan. The funds were not disbursed into an escrow account and were subsequently absconded with. Does the person that signed the guarantee owe the money, since the funds were not disbursed into escrow?

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