http://creditmanagementassociation.org/forums/topic/53 Sponsored by Credit Management Association en-US Tue, 07 Feb 2012 11:12:26 +0000 http://bbpress.org/?v=1.0.2 q http://creditmanagementassociation.org/forums/search.php http://creditmanagementassociation.org/forums/topic/53#post-414 Wed, 10 Feb 2010 23:07:14 +0000 Michael Dennis 414@http://creditmanagementassociation.org/forums/ <p>Well put Scott </p> http://creditmanagementassociation.org/forums/topic/53#post-399 Wed, 10 Feb 2010 17:37:22 +0000 F Scott Wilson 399@http://creditmanagementassociation.org/forums/ <p>Michael's point about "consideration" being absent is exactly why we don't accept any guaranties from anyone except someone who is an owner or senior manager/director, and in fact we want someone signing the regular application who is fairly high up the food chain in that organization. Bottom line is you want the people who are ultimately responsible for living up to the credit agreement to be the ones who are *held* responsible for payment. </p> http://creditmanagementassociation.org/forums/topic/53#post-388 Fri, 05 Feb 2010 16:46:18 +0000 Michael Dennis 388@http://creditmanagementassociation.org/forums/ <p>Christine, here is another complication that I would suggest you discuss with your attorney. If the guarantor is married and resides in a community property state as it relates to the assets of a married couple, it may complicate and possibly even prevent enforcing an personal guarantee --- even if the guarantor is an officer or director assuming that only one of the spouses signed the personal guarantee. </p> <p>Again, I recommend you discuss this issue as well as options to address it with an attorney.</p> <p>Best regards</p> <p>Michael Dennis </p> http://creditmanagementassociation.org/forums/topic/53#post-387 Thu, 04 Feb 2010 20:00:10 +0000 Christine 387@http://creditmanagementassociation.org/forums/ <p>Michael, that is GOOD to know!</p> <p>Thank you for adding that! </p> http://creditmanagementassociation.org/forums/topic/53#post-386 Thu, 04 Feb 2010 17:47:32 +0000 Michael Dennis 386@http://creditmanagementassociation.org/forums/ <p>I have one additional comment. If the signer is not an officer or director, it may be possible for the the guarantor to claim that as an employee, not an owner or officer or director, there was no "Consideration" for their signature.</p> <p>Michael Dennis </p> http://creditmanagementassociation.org/forums/topic/53#post-277 Thu, 24 Dec 2009 17:47:22 +0000 Valerie Ciardullo 277@http://creditmanagementassociation.org/forums/ <p>I wanted to give some input on this one. Scott's comment that sometimes after somebody leaves a company they can become untraceable. This is true. This is why We ALWAYS make sure that we obtain the SS# from the person (s) signing the personal guaranty. And because of this we have not yet had an issue of being able to find somebody. </p> http://creditmanagementassociation.org/forums/topic/53#post-216 Thu, 10 Sep 2009 21:07:01 +0000 F Scott Wilson 216@http://creditmanagementassociation.org/forums/ <p>On our personal guaranties, we require that an owner, partner or corporate officer sign it. In the case of a corporate officer, the instructions on our form explicitly say not to include their title, e.g. "...as CFO of XYZ Corp". If they sign as an officer, instead of as themselves, that is generally held to void the "personal" part of the guaranty.</p> <p>We only accept a signature on a guaranty of someone with a stake in the company, since an office manager, purchasing agent or other employee could leave after signing, and be completely untraceable. This makes enforcement of the guaranty difficult, at least. </p> http://creditmanagementassociation.org/forums/topic/53#post-214 Wed, 09 Sep 2009 23:25:42 +0000 Guy Nishida 214@http://creditmanagementassociation.org/forums/ <p>Ben,</p> <p>I believe anyone can sign as a personal guarantor of the debts of a corporation. They would be signing and guaranteeing as an individual backed with their own personal assets for the debts of another person or entity.</p> <p>If empowered, an officer of a corporation could sign on behalf of his corporation to guarantee the debts of another person or entity, including another corporation. That guarantee would be backed by the assets of the corporation and not the officer's personal assets. </p> http://creditmanagementassociation.org/forums/topic/53#post-212 Wed, 09 Sep 2009 18:06:10 +0000 Ben Bahadori 212@http://creditmanagementassociation.org/forums/ <p>In the case of a corporation , can an officer sign the personal guarantee </p>