| Personal responsibility for Corporate loan
New York
I live in Upstate New York. Approximately 10 years ago (1998-99), while the president of a small corporation (<5 employees), my corporation obtained a loan from another corporation to purchase a building. An attorney was hired, by us, to draw up and file the paperwork. All was completed and my corporation began making the payments. In 7/2000, I resigned from the corporation and left, assuming another job. Today, 11/3/06, I recevied a call from a "fly-by-night" Foreclosure Solutions company regarding my "foreclosure" that was filed in the county which the initial transaction took place. I have no other obligations, mortgages, leins, etc.. in my name. Come to find out, the president of the company that we took the loan out with, sold the "paper" to another individual to satisfy a personal debt. This new individual is filing against all parties involved, myself, my brother (who was vice-president/treasurer), the president of that other corporation, and all corporations involved.
I know for a fact that the corporation I was involved with has been "defunct" for at least 4 years, making no payments on the loan in question. When I left, all obligations were fulfilled and up-to-date. I also know that there is a substantial debt with the state taxes, with property taxes and with The New York State Workers Comp board (unpaid comp. premiums to the tune of, approximately 25,000) All of which had accrued after my departure, and the responsibility of the corporation. and are represented as leins on the property.
My question is, how can they file against me (naming me in the proceedings)? Am I liable for any portion of any of the debt? At this point, I have not been "served" with any paperwork citing the foreclosure procedings, If I never am, and the county closes in favor of the Plaintiff, will it be reflected on my personal credit records?
Basically, what legal recourse do they have in me personally? That was the whole reason why I incorporated, so that my business failings didn't come back to haunt me personally (i.e- take my personal assets) Could the attorney who drew up the transaction have filed inappropriately and caused this to be attached to me personally? Unfortunately, once I left, and three years passed, I threw away all paperwork regarding the corporation. Even then, 5 years have passed, isn't there any statute of limitations regarding this?
It's complicated but I figure I have time until I'm served with any paperwork.
Thank you for your responses.What is the name of your state? | 
11-03-2006, 12:26 PM
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