Kentucky Guaranty by Corporation - Complex
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FAQ
The main technical requirement for a guarantee to be valid is that it must be in writing and signed by the guarantor or a person authorised on the guarantor's behalf.
The typical route would be for the lender to demand repayment and then if payment is not received, to take legal action, to seek a court judgment and then enforce the personal guarantee.
The usual way that a guaranty is enforced is through a written demand (although this is not usually required in most forms) followed by the filing of a law suit.
The difference between corporate and personal guarantors is quite simple: a personal guarantor is an individual who agrees to take on the obligations of a debt for a debtor, whereas a corporate guarantor is a corporation that takes on payment responsibilities.
A guarantee is essentially a separate contract that is designed to safeguard a creditor in the event that a debtor fails to meet the payment obligations contained in the original contract. In essence, the guarantee contract is collateral to the principal contract. Its enforceability arises when the contingency is met.
Guarantees become enforceable against the guarantor by the person to whom the guarantee has been given (the creditor) when debtors have defaulted on their obligations. In this article, we consider the circumstances where a guarantee may be unenforceable. That can be good or bad depending on which side you are on.
Personal guarantees are binding contracts, and from the moment the guarantee is in writing it becomes legally enforceable. There is no set time period during which a guarantee can be valid - it depends on the specifics set out in the particular guarantee.
A guaranty, much like any other contract, can be revoked later if both the guarantor and the lender agree in writing. Some debts owed by personal guarantors can also be discharged in bankruptcy.
