Legal Question in Business Law in Minnesota

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?

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

3 Answers from Attorneys

David Anderson Anderson Business Law LLC

Would need to review document signed to give legal opinion but sounds promising

Does the "guarantor" have assets or income?

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Answered on 10/21/13, 4:58 am
Maury Beaulier612.240.8005 Minnesota Lawyers

It is impossible to evaluate the question without a full review of the contract itself.

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Answered on 10/21/13, 6:31 am
Tricia Dwyer Tricia Dwyer Esq & Assoc PLLC

Hello. The agreement must be reviewed in order to advise. Please seek attorney counsel.

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Answered on 10/21/13, 6:58 am

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