Assignment of Interest

[RemitAdvice]

What is the name of your state (only U.S. law)? Debt incurred in TX

QQ for a pro, if possible. Does 'All right title and interest in and to' whatever LLC/Corp, relieve the transferor of the debt incurred while operating the business?

What if the President of the LLC signed a personal guarantee regarding the debt?

Thoughts?

 

[tranquility]

There is no "answer". There is not a book or case which holds that those are magic words which shift responsibility. The creditor is never going to be harmed by others' writings. Also, the guarantee is not going to ever disappear until the debt is paid.

 

[RemitAdvice]

THat is my take, there is a PG over and above his LLC assignment.

THe debt was incurred by the PG signer during his ownership and operation of the business.

So, just to be correct, should I offer the transferee the opportunity to pay the debt?

 

[RemitAdvice]

...and thank you.

 

[tranquility]

So, just to be correct, should I offer the transferee the opportunity to pay the debt?

The LLC owes the debt. You have to ask them first. If they don't pay, you can try to pierce the corporate veil both before and after the purported assignment and/or sue on the guarantee.