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Phrases with «personal guaranty»

A "personal guaranty" is a promise made by a person to take responsibility for someone else's debt or obligation. This means that if the person who owes the debt or obligation cannot or does not pay it, the person giving the personal guaranty will have to pay it instead. It is like a backup plan to ensure that the debt or obligation gets paid. Full definition

Sentences with «personal guaranty»

  • Recently, Orr & Brown obtained a jury verdict of over $ 500,000.00 on behalf of a local business client in a case involving complex legal issues, defeated a claim brought by a large materials supplier that a former corporate officer was personally liable for the debt of a defunct corporation based on a signed personal guaranty, and successfully negotiated a high - profile «business divorce» between 2 owners of a very lucrative and profitable North Georgia business. (orrbrownbillips.com)
  • I figure weâ $ ™ d have to pay considerably more interest on a commercial loan, and would have to provide personal guaranties on a commercial loan anyhow. (allfinancialmatters.com)
  • When representing a tenant client, why is it better to negotiate personal guaranty — which makes the business owner personally liable for debts and obligations — out of a lease in place of a larger security deposit or extra limitations? (realtormag.realtor.org)
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