What are the requirements for "Personal Guarantee"?

Question

To make complete personal guarantee, what are the required information???

I was working for the company that bankrupted in 2001.
One of the vendor filing a suit against me because I have signed a contract. They were saying that part of the contract was "Personal Guarantee"

I thoght that it requires information such as Social Security # and more - I naver released such info.

Is that legally possible?????

I am in California and Plaintiff is in Illinois.

Answer 1

You need to get your hands on a copy of that contract and see exactly what it says.

If you signed it and the wording is there that by signing you are guaranteeing the payment? Seek the counsel of your lawyer A.S.A.P.

Answer 2

You may have made a personal guarantee if you signed the contract in your individual capacity. However, if you signed on behalf of your company, as an officer of the company, then it was NOT a personal guarantee. You need to get a copy of the contract. (In any case, a Social Security number and other information is not necessary to make a personal guarantee valid). A very important consideration is also to look at WHEN the contract was signed. It sounds like it was a long time ago (2001 or earlier), so the statute of limitations may have expired, depending on what state's law governs the contract.

Answer 3

Social security numbers are not required for contracts. If you signed a document for the company that had a clause stating you personally guaranteed payment, you will need a good lawyer to get you out of it, if he can.

If you were in fact an employee, and not an officer or shareholder/partner, and you signed something routine that normally would not have such a clause, you have a better case. But if you were a secretary who agreed to serve as the corporate secretary, just for convenience, of course, you may find you should have talked to a lawyer before you agreed to do that.

Answer 4

In the first place you have to establish if you were liable to sign the document. If you were an employee and not owner, partner or such, what will your 'involvement' be in signing guarantees on behalf of your boss that is supposed to pay your salary?

If you were not entitled to sign, well, you have most covered already. What happened to the owner of that company?

In a company, certain financial commitments have to be signed by the designated appointed person, thus authorized by management or owners. Are you aware of such an title or not?

Get your hands on the copy of that document you are being sued for and read the fine print. Get all relative documentation on your employment in that company and write them first before getting a lawyer stating your case. Don't nail yourself here, short and sweet. Get hold of the owner [s] and then when you get no joy, get an lawyer. It will be a paper shuffling battle, but it is worth more than paying the bosses bills.

Best of luck mate!