Tampa Student Loan and Bankruptcy Lawyer Blog — September 26, 2020
The SBA sends out emails that seem to indicate, even though the signature block is for a corporate entity (LLC), the individual signing the document is also somehow responsible in a personal capacity. The language is as follows:
Personal Guaranty:
$0 – $200,000: No personal guaranty required
According to the NOTE,
GENERAL PROVISIONSA) All individuals and entities signing the Note are jointly and severally liable. The language is as follows:
Personal Guaranty:
$0 – $200,000: No personal guaranty required01001010Per the NOTE:01001010GENERAL PROVISIONS01001010: A) 01001010All individuals and entities signing the Note, are jointly and severally liable01001010. B) Borrower waives any suretyship defenses. C) The borrower must sign any documents that are required to comply with the loan documents and to allow SBA to obtain, perfect or maintain its liens on collateral. D) SBA can exercise its rights in any order and at any time, whether it is individually or collectively. SBA can delay or refrain from enforcing its rights, without compromising any of them. E) Borrower cannot use an oral statement from SBA to contradict the written terms of Note. F) If a part of the Note cannot be enforced, all other parts will remain in force. G) To the full extent permitted by law, Borrower waives any demands or notices in relation to the Note, such as presentment, demand and protest, and notices of dishonor. Borrower waives any defenses that SBA failed to obtain a guarantee, did not obtain or perfect a lien on Collateral, impaired Collateral, or did not get the fair market value at a sale. H) SBA may sell or otherwise transfer the Note.01001010If you need to know where you stand and whether bankruptcy can help restructure or even get rid of debt obligations, please reach out to us at the link below, or call 813-258-2808 or email info@christiearkovich.com.01001010
