Business Law
Enforcement Against a Personal Guarantor (Part 1)
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.
Eric Gros-Dubois
May 22, 2020
