The bank put my home address and not the business address as the borrower's address on the promissary note. I did sign as a guarantee on the loan but do not have any dealing with the business anymore. Also, the business is in different state but my home. If the business, which was the collateral, defaults on the loan which property will be foreclosed.
Estate Planning Attorney
You made a promise. In fact you made a PERSONAL Guaranty on the loan. Your assets that would make the loan 'Good' are exposed to risk. Whether or not the business continues to function is not the issue. Your Personal Guaranty is. I'd sit down with a business attorney or an asset protection attorney to sort out your options going forward. Be sure and take the loan paperwork with you.
1 lawyer agrees
I agree with attorney Potter. Agreement is agreement and your signature on a promissory note is what makes promissory note enforceable. I would go a little further and suggest considering to honor the note. Courts and people in general prefer to deal business with those who keep their words and anything in writing will stick. I would weight the cost/benefits for avoiding honoring the promissory note with myriad of consequences if you do not. Best of luck.
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