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Good evening. As long as you did not personally guaranty this bond, but simply signed on behalf of the president, you have no personal liability and the bonding company can only look to the assets of the corporation, if any, for repayment. You have no personal liability for the debts and liabilities of the corporation.
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Does this mean I personally guaranteed this bond as owner of the corporation?
Revsied: C Corp.
Below is part of the Bond and Indemnity form. All owners must sign as Indemnitor which I did.
In consideration of executing the Bond(s) applied for by Applicant, the Undersigned, now referred to as Indemnitor(s), acknowledge(s) that the above Indemnity Agreement has been readand the Indemnitor(s) is (are) aware of the contents of the Indemnity Agreement. The Indemnitors(s) agree(s) to be bound by the Indemnity Agreement to the same extent as the Applicant.The obligation imposes individual liability on the Indemnitor(s) as well as joint liability with the Applicant. The Indemnitor(s) has(have) sufficient interest in the performance of thisobligation to execute this agreement and is (are) fully empowered to exercise this agreement.
Did you sign the indemnitor in your individual capacity as an owner?
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If I understand your question right, yes, I signed it as an individual capacity as an owner.
Below is a common application given to all importers, which I signed as owner. Given the wording on this application, can they hold me personally responsible?
Thank you for your time.
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