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Equitable Contribution: Promissory Notes, Contracts, Guarantees

Contribution is an equitable remedy that often arises between co-debtors. While contribution may generally applies where one or more individuals shares a common burden, the focus here is on a common between co-debtors/co-guarantors.┬áMissouri District Telegraph Co. v. Southwestern Bell Telephone Co., 93 S.W.2d 19, 23 (Mo. 1935). Contribution is grounded in case precedent.┬áCommercial Union Insurance […]

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Personal Guarantees, Unsecured & Secured Debts/Loans

Personal Guarantees, secured loans, and unsecured loans are commonplace in business. What are they? Personal guarantees are sometimes viewed as anathema by the business owner. Yet, in many cases, a creditor will insist on a personal guarantee with the business owner (and his/her spouse to circumvent the tenancy by the entirety problem) before executing a […]

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