A personal guarantee is an individual or business entity that guarantees responsibility for another’s financial obligation, should they ever fail to repay their lender. Personal guarantee’s usually come in when securing a debt for a loan such as a car finance or mortgage, but the guarantor is not contractually liable for any part of the loan unless the debtor fails to make a payment.
Enforcement Against a Personal Guarantor (Part 2)
If a personal guarantor does not respond to the lender’s demand, the lender has two options to choose from in order to collect the debt. First, the lender can file suit against the personal guarantor and second – he can petition a court for the personal guarantor’s bankruptcy.
Does Motion for Extension of Time Waive Rights in Arbitration?
Revised Florida Arbitration Code The Revised Florida Arbitration Code was initially signed into law in 1957, with the revision of the Code being adopted in 2013. As the Florida Bar Association states, the Revised Florida Arbitration Code is composed of three distinct sections: Pre-arbitration matters, such as scope of law that will govern the proceeding…. + Read More…
Are Electronic Signatures Valid for Binding a Contract?
The use of electronic signatures for a wide variety of legal documents has been a key component of the internet age, providing corporations and clients alike with a streamlined process for signing documents. However, while electronic signatures have become the predominant choice for most, there are still many questions that surround them. Namely among these concerns is whether or not they are legal in binding contracts.
What is an Operating Agreement?
The operating agreement for an LLC is imperative because it can outline all the company’s procedural and financial decisions. Although an operating agreement is not required in many states, most limited liability owners create an operating agreement as soon as they create their company. The operating agreement protects owners and sets out anything that has been orally agreed on.
When is the Florida Reciprocity rule for Attorney’s fees Applicable?
Under Florida statute, a court can enforce an attorney’s fees clause even if the original language of the clause did not provide for attorney’s fee for that specific party. This is called reciprocity.