Legal Question in Business Law in Texas
personal liabilty on repossessed commercial equipment
under a corporate umbrella, equipment held as collateral on a loan was repossessed. a personal gaurantee was signed. no notification was given before or after the disposal at auction. am i still personnally liable since no notification was given to me allowing me to bring the loan current before sale. do i need to worry about any other avenues of suit.
Asked on 1/29/02, 2:12 pm
1 Answer from Attorneys
Lawrence Maun
Lawrence J. Maun, P.C.
Re: personal liabilty on repossessed commercial equipment
Look at your guarantee. It probably says no notice is required. Many guarantees also allow the lender to seek to recover from you without going after the collateral. Larry Maun 713.266.2560
Answered on 1/29/02, 2:46 pm
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