Legal Question in Business Law in Maryland
corporate personal guarantee
If I signed a corporate agreement and the signature had a discolsure which had the same signature act as a personal guarantee. The company went out of business. The vednor is sueinbg peronally for termination charges. Can they go after me personally.
Asked on 11/06/07, 9:39 pm
1 Answer from Attorneys
Robert Sher
Wagshal and Sher
Re: corporate personal guarantee
Yes, if the signature you gave was clearly understood to constitute a personal guarantee, as well as on behalf of the corporation. It is typical when dealing with small corporations that a vendor will insist on a personal guarantee by the corporate principal, because they want to have as much recourse as possible to collect unpaid bills.
Answered on 11/07/07, 10:10 am
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