Legal Question in Administrative Law in Illinois
As a member of a not for profit organization board of directors, if I were to resign from the board what would be required to relieve myself from any financial responsibility? The board recently signed a five year note payable annually to make repairs to structures owned by the organization. One payment has been made and the balance of the note is roughly $25,000. The note is with a local bank and was signed by all 12 board members. My question is do I need something signed or is my resignation sufficient.
1 Answer from Attorneys
Thank you for your question. In short, you should not be liable for that obligation. The issue is whether or not, as a Board Member, you signed a personal guaranty or provided the lender with some other sort of pledge. Thus, you should be able to resign from the Board through usual channels - letter, email, etc., without any concern about owing any money. Please feel free to contact me should you have any further questions: [email protected]
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