gurantor

[phily]

south carolina- i am a 75% gurantor for a business loan for a friend. do i have any right to view the terms of the note, colleteral, loan payments, remaining balance etc.

 

[I AM ALWAYS LIABLE]

south carolina- i am a 75% gurantor for a business loan for a friend. do i have any right to view the terms of the note, colleteral, loan payments, remaining balance etc.

My response:

Well, when you sign the Note, of course you'll be reviewing the terms and conditions. However, you'll want to have a clause concerning future inspections in the Note that says, for example, that on 4 days written Notice, Guarantor has the right to inspect, and the borrower shall make available, the the books, the balance sheet, and all other documents upon which the Note depends, for such inspection. There must also be a quick form of remedy for you if the Borrower fails to allow or cooperate with those inspections.

So, make sure that an attorney reviews the terms and conditions before you sign on the dotted line.

Good luck to you.

IAAL