Settlement Agreement and Release

[sylviasamuels]

NY State: I signed a service contract, to lease a copier, for a Company that has gone out of business. I used my credit rating. The Thrid party company has agreed to a "Settlement Agreement and Release" of the company's obiligation for a portion of the funds paid in full. My name is not on the settlement agreement. The company's name is, but my signature is required at the bottom of the Agreement. Does this also release me of any obligations or can the company come back after me after I pay for the full amount?

[JETX]

Originally Posted by sylviasamuels

NY State: I signed a service contract, to lease a copier, for a Company that has gone out of business. I used my credit rating. The Thrid party company has agreed to a "Settlement Agreement and Release" of the company's obiligation for a portion of the funds paid in full. My name is not on the settlement agreement. The company's name is, but my signature is required at the bottom of the Agreement. Does this also release me of any obligations or can the company come back after me after I pay for the full amount?

Your post is confusing.
It APPEARS that you signed a personal guarantee for a corporate lease. Correct??
If so, and the corporation has no assets and/or has ceased operations, they can come after you. The only way to protect yourself is to make SURE that the agreement releases you PERSONALLY from any further obligation on the agreement. If they only release the corporation, you can bet they will still come after you.
Insist on your release before paying.

[sylviasamuels]

The company was a dba company, not a corporation. I was one of the owners. The owner with a credit rating in good standing.

The company name is listed as the "Account Debtor" and I wonder if my name should also be mention as the "Account Debtor" "Upon receipt o the Payment, the Account Debtor shall be deemed released by CitiCapital from liability for the Claim." The Collection agency (Receivables Control Corporation) initially had a $1004 fee attached. Will they come after me for that or anything else? Does this protect me?

[JETX]

Originally Posted by sylviasamuels

The company was a dba company, not a corporation. I was one of the owners. The owner with a credit rating in good standing.

Okay. Your 'credit rating' was why the company wanted YOUR personal guarantee.

The company name is listed as the "Account Debtor" and I wonder if my name should also be mention as the "Account Debtor" "Upon receipt o the Payment, the Account Debtor shall be deemed released by CitiCapital from liability for the Claim." The Collection agency (Receivables Control Corporation) initially had a $1004 fee attached. Will they come after me for that or anything else? Does this protect me?

NOTHING will 'protect' you if your NAME is not on the agreement.