A North Carolina Personal Guaranty — General is a legal document that outlines the terms and conditions of a personal guarantee provided by an individual to secure a loan or credit line. This agreement ensures that the guarantor takes on the responsibility of repaying the debt if the borrower fails to fulfill their obligations. Keywords: North Carolina, Personal Guaranty, General, legal document, terms and conditions, personal guarantee, loan, credit line, responsibilities, repayment, borrower. There are different types of North Carolina Personal Guaranty — General that may vary based on specific needs and circumstances: 1. Individual Personal Guaranty: This type involves a single individual acting as the guarantor, providing their personal assets and liabilities as collateral for the loan. 2. Corporate Personal Guaranty: Here, a business entity acts as the guarantor and assumes financial responsibility for the loan if the borrower defaults. This type is commonly used when a company or corporation seeks credit or financing. 3. Limited Personal Guaranty: In this type, the guarantor's liability is limited to a specific amount, which can provide protection against excessive financial exposure. 4. Continuing Personal Guaranty: This type remains in effect until the debt is fully repaid, even if the loan terms are extended or modified. It ensures that the guarantor's obligation remains intact regardless of any changes to the loan agreement. 5. Unconditional Personal Guaranty: This type signifies that the guarantor is fully responsible for the repayment of the loan, regardless of the borrower's ability to repay or any potential dispute between the borrower and lender. It is important to note that while this content provides a general overview, seeking legal advice from a qualified attorney is essential when dealing with North Carolina Personal Guaranty agreements to ensure compliance with state laws and to address any specific requirements or circumstances that may arise.
North Carolina Personal Guaranty - General
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A general guaranty is a guaranty that is not addressed to specific person and can be enforced by anyone who acts on it. It is a written undertaking that can be enforced by anyone. General guaranty also covers obligation incurred by the guarantor.
7 Ways to Avoid a Personal GuaranteeBuy insurance.Raise the interest rate.Increase Reporting.Increased the Frequency of Payments.Add a Fidelity Certificate.Limit the Guarantee Time Period.Use Other Collateral.
The guarantee is a contract by which a natural or legal person guarantees or assures the fulfillment of obligations, assuming the payment a debt of another person if this does not.
Definition of General GuaranteeWritten undertaking (to fulfill an obligation) that can be enforced by anyone, or that covers any obligation incurred by the guarantor.
Finally, business owners need to be aware that the personal guarantee may include a right to revoke. Typically, a right to revoke the guarantee does not limit the amount of the guarantor's liability as of the date of the revocation.
By agreeing to a personal guarantee, the business borrower is agreeing to be 100 percent personally responsible for repayment of the entire loan amount, in addition to any collection, legal, or other costs related to the loan.
A personal guaranty is not enforceable without consideration In fact, no contract is enforceable without consideration. A personal guaranty is a type of contract.
Substance over form Just because the word 'guarantee' has been used, that does not make it a guarantee. In writing The guarantee must be evidenced in writing to be enforceable. Signed The document must be signed by the guarantor or their authorised agent. Their name can be written or printed.
If you sign a personal guarantee, you are personally liable for the loan balance or a portion thereof. If your business later defaults on the loan, anyone who signed the personal guarantee can be held responsible for the remaining balance, even after the lender forecloses on the loan collateral.
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