Legal Question in Wills and Trusts in New York
My husband passed away. He signed a personal guaranty for a commercial loan. Bank is asking that estate reaffirm the guaranty. If estate reaffirms guaranty does that mean that the estate assets can't be distributed to my sons? I get 1/3 of estate and sons get 2/3 and I am worried about my sons.
Asked on 4/10/16, 4:38 am
1 Answer from Attorneys
David Slater
David P. Slater, Esq.
It means , if the loan goes into default, the Estate is responsible to pay. I wouldn't sign.
Answered on 4/10/16, 5:34 am
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