I a "joint credit application" enough to legal obligate individuals to a C Corp debt?

[braveheartbill]

I a "joint credit application" enough to legal obligate individuals to a C Corp debt?

What is the name of your state (only U.S. law)? Florida

I filled out a credit application that was submitted by a C Corporation that I was president for. I completed the bottom of the application with personal information and checked a box indicating it was a joint application but only initialed the "Applicant" space. I never intended to personally guarantee the loan.

Also, I signed the bottom of the application in the 'Applicant" space ONLY. The Joint Applicant space is unsigned.

Is that sufficient to hold me personally responsible for a Retail Installment Credit Application? Are there Florida legal precedents I can use/reference that indicate it is NOT sufficient.

There is a personal guaranty document that the lender alleges bears my signature but it is NOT my signature, was not signed in my presence or at my direction and was never made known to me until after the default on the contract by the corporation and the ensuing attempts to collect the debt from me by a law firm and several Collection companies.

ThanksWhat is the name of your state (only U.S. law)?

 

[tranquility]

I suspect you will be found liable. It certainly looks like a guarantee and, when we look at the facts, I bet the credit worthiness of the corporation would not allow for credit without it.

I suggest an attorney. Even if the court finds there was not a personal guarantee (I don't think that is likely, but the OP can hope.), there will probably be a case made to pierce the corporate veil.

What happened on the credit? Are you a new corp? How well funded was the business? Are there other stockholders?

 

[braveheartbill]

RE: I a "joint credit application" enough to legal obligate individuals ...

Answers:

What happened on the credit? Business closed. Corporation left with no assets. No funds to make payments on purchased van for which financing was granted. This is the only outstanding debt for corporation or me personally related to the business. I am now a teacher and not involved with any business investment or operation.

Are you a new corp? Two years old at the time of the purchase of 5th van that was financed.

How well funded was the business? Invested over $250K

Are there other stockholders? Just my children with minor interests.

The corp/business stopped operation in 2007. One attorney firm dropped the collection attempt. Several collection agencies threatened me personally with lawsuits but never did. Spring of 2011 current law firm contacted and now set for trial on 3/30/2012 after Judge denied both the Plaintiffs Motion for Summary Judgement and my Motion for Summary Judgement.

Thanks.

I suspect you will be found liable. It certainly looks like a guarantee and, when we look at the facts, I bet the credit worthiness of the corporation would not allow for credit without it.

I suggest an attorney. Even if the court finds there was not a personal guarantee (I don't think that is likely, but the OP can hope.), there will probably be a case made to pierce the corporate veil.

What happened on the credit? Are you a new corp? How well funded was the business? Are there other stockholders?

 

[Antigone*]

Answers:

What happened on the credit? Business closed. Corporation left with no assets. No funds to make payments on purchased van for which financing was granted. This is the only outstanding debt for corporation or me personally related to the business. I am now a teacher and not involved with any business investment or operation.

Are you a new corp? Two years old at the time of the purchase of 5th van that was financed.

How well funded was the business? Invested over $250K

Are there other stockholders? Just my children with minor interests.

The corp/business stopped operation in 2007. One attorney firm dropped the collection attempt. Several collection agencies threatened me personally with lawsuits but never did. Spring of 2011 current law firm contacted and now set for trial on 3/30/2012 after Judge denied both the Plaintiffs Motion for Summary Judgement and my Motion for Summary Judgement.

Thanks.

Looks like you are on the hook.