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rvlaw, Attorney
Category: Business Law
Satisfied Customers: 8386
Experience:  NYC Trial Attorney 30+ years; Law professor ; BUSINESS LAW; CONTRACTS; TORTS; Arbitrator
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I signed a corporate loan agreement using Pres. after my ...

Customer Question

I signed a corporate loan agreement using Pres. after my signature. After a few years the loan went into default. The bank recieved a summary judgement naming the corporation and me personnally. Can I sue to get my personal name removed from the judgement?
Submitted: 8 years ago.
Category: Business Law
Expert:  rvlaw replied 8 years ago.

Hi and welcome,

You can bring an application to the court to vacate the judgment against you personally since you signed in a corporate representative capacity only. The issue is whether you received and answered the original papers. If not, you can use that fact (non service) to vacate the judgment. You will have to have SOME defense to induce the court to vacate and give you the chance to defend the suit on the merits and/or based on lack of service. Otherwise it would be an exercise in futility if summary judgment will be granted anyway. You will need a lawyer to bring the application to the court issuing the judgment.


rvlaw and 3 other Business Law Specialists are ready to help you
Customer: replied 8 years ago.
The original paper was a short pre-approved mailer from Wells Fargo. It was signed some 7-8 years prior to default. I assume you are saying the corporate signature only is not enough of a defense to vacate my personal involvement. Additionally, a summary judgment has already been granted in the corporate name and me personally.
Expert:  rvlaw replied 8 years ago.

I may have been unclear.....the fact that you only signed as president and NOT individually is enough to vacate the judgment against you personally. It of course does not apply to the judgment against the corporation. Another possible defense against BOTH judgments....the NJ statute of limitations on written contracts is 6 years from breach. The entire suit may be time barred...lost forever to the plaintiff if they did not sue in time. A mailer as you describe it is NOT a summons and complaint that must be filed and served on you.


Customer: replied 8 years ago.
Thank you Rich, this is the first time I used this service and it is very helpful.
Expert:  rvlaw replied 8 years ago.
My pleasure

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