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Spousal Guarantees: Be Careful What You Ask For
When extending credit to a closely held company, you-as a prudent credit manager-often may insist that an officer, director and/or shareholder of the company provide a personal guaranty. Because of the difficulty under the laws of many states in collecting an individual obligation from a married person, you may also be inclined to ask the spouse of the officer, director or shareholder to also sign the guaranty. By doing so, however, you may not only be jeopardizing your company's right to collect the amounts advanced under the line of credit but also exposing it to significant monetary liability. How can that be? . . . (to read the remainder of this article, please log in below.)
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