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?
3 Answers from Attorneys
Would need to review document signed to give legal opinion but sounds promising
Does the "guarantor" have assets or income?
It is impossible to evaluate the question without a full review of the contract itself.
Hello. The agreement must be reviewed in order to advise. Please seek attorney counsel.
Related Questions & Answers
Can I contract with a person or company to receive for services or products ONLY... Asked 10/19/13, 8:45 am in United States Minnesota Business Law
If somone signs a guarantee that is labeled 'unconditional and absolute' to... Asked 10/19/13, 4:27 am in United States Minnesota Business Law
I work in the restaurant field as a General Manager with a company for seven years.... Asked 10/18/13, 1:34 pm in United States Minnesota Business Law
In minnesota can I collect unemployment if I was given a severence package Asked 10/18/13, 9:11 am in United States Minnesota Business Law
Is it legal for an electric company to call the company I have my trailor on to... Asked 10/16/13, 10:51 am in United States Minnesota Business Law