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Personal Guarantees — Breach and Enforcement

A personal guarantee is a legal document which often accompanies a contract or loan instrument which ensures that the creditor (i.e., the person making the loan or on the other side of the contract) can personally collect money from the debtor in case of breach or default. Creditors insist on personal guarantees because it provides […]

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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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