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Can LOC personal guarantee be rescinded?I signed a personal guarantee for a line of credit for my son's business while I was active in it. I have been inactive and not at all associated with it for over 14 months now. Is there a way I can rescind my guarantee? I am not happy with the way it is going and no longer want to be responsible in any way. Attorney answers (2)
Reputation Level 17
Answered almost 3 years ago.
Debt / Lending Agreements Lawyer in Houston, TX.
I am not licensed to practice law in your state.
These comments are made for educational purposes only and do not constitute legal advice. No attorney-client relationship exists between us. It is unlikely that you can get out of the agreement with the bank if there is a balance due. If you can get the balance paid, you can close the account.
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Reputation Level 12
Answered over 2 years ago.
Debt / Lending Agreements Lawyer in Tucson, AZ.
Because the lender relied on your guarantee in order to extend the credit, it is unlikely that you would be allowed to just change your mind regarding any credit that has been extended already. However, I believe you have a very high probability of canceling your guarantee with regard to any future extensions of credit. To know for certain, I would have to see the agreement you signed with the lender. How you go about notifying the lender of this cancellation is also important and should be discussed with an attorney in order to protect your rights.
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