Ask a Business Lawyer. Get Business Law Questions Answered ASAP.
They have a very hard time if they can't prove the original underlying contract.
I would not agree to anything without having an attorney review exactly what the "loan guarantee" document states.
If all things can be known from the "loan guarantee" document - then no - your still liable.
However, they may be lost without the original contract.
The document is hard to read, but appears to say what is on the original note (which we have). The guarantee states that "each of the undersigned jointly, and unconditionally guarantees payment...etc
Also, since it was transacted under a C corp, can the corp declare bankruptsy.
Does it state the amount of money, the terms of the loan, the interest rate, over what period repayment is to be made, how often payments are to be made, etc.?
If you guaranteed the loan - then it wouldn't matter if the corp would file a bankruptcy - you would also have to file personal to get out of the debt.
Once again, it is hard to read, but does state the loan amount, not the interest rate, not the term of the loan, not the payment dates
Then they are really stuck - that could be a once a year payment @ 1% of $100.00.
They cannot file suit upon something they don't have. It's incumbent upon them to come up with the contract - don't give them anything.
Retain yourself local counsel immediately - they should be able to dismiss the action or suit against you. As a condition precident - the plaintiff has to - must - attach a copy of the contract to the complaint or the complaint should be dismissed.