Legal Question in Business Law in New Jersey

Renewal of Loan and co-signer

I signed a guarantee with several

others for a business loan from a

former business partner to the

business. The president who is one of

the co-signers is the only person to

sign the loan papers. The note was

for a period of one year. After the

one-year period the note still had a

balance and was in default. The

president of the company

renegotiated the loan without

anyone else’s approval or mine. Was

the president required to get

everyone’s approval? Is my

guarantee still in effect?


Asked on 2/11/07, 10:41 pm

1 Answer from Attorneys
Frank Pintauro Donohue & Partners, PC

Re: Renewal of Loan and co-signer

More information is needed. If the note was renegotiated, then a new agreement should have been drawn up. If you are not a party to that agreement you would have no obligations thereunder unless it incorporates by reference the original note.

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Answered on 2/12/07, 10:11 am


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