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Richard - Bizlaw
Richard - Bizlaw, Attorney
Category: Business Law
Satisfied Customers: 10207
Experience:  30 years of corporate, litigation and international law
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Can I be held liable terms of a credit card agreement

Customer Question

Can I be held liable for the terms of a credit card agreement if a credit card company is unable to produce a signed credit card application agreement?
More details: Our incorporated business ('C' Corp) used a corporate credit card for approximately 11 years. After that period of time, our business ran into tough times in 2011 and we engaged an attorney to write our corporate credit card companies to settle/negotiate the debt settlement with our corporate credit card debtors. (no bankruptcy was ever filed in this case and the same incorporated business is still active)
One Credit Card Company made no efforts to settle the debt or even contact our Attorney to negotiate the debt. The same Credit Card Company issued a 1099C in my personal name and ssn this year (Three and one half years after our attorney contacted them) and has refused to re-issue the 1099C in the name of our incorporated company claiming that I personally guaranteed the debt when I signed the credit card application. To date the corporate credit card company has been unwilling to produce a signed card agreement which states that I personally guaranteed the debt.
Can I be held personally liable for for the terms of a corporate credit card agreement if the credit card company is unable to produce a copy of that signed agreement?
Submitted: 1 year ago.
Category: Business Law
Expert:  Richard - Bizlaw replied 1 year ago.
Hello, my name is ***** ***** I will try to help you. Please remember I just report or interpret the law, so the outcome may not be what you hoped for. Under TX law statute 26.01(b)(2) for you to be liable on a guarantee there must be an agreement signed by you. This is the rule in all states. Unless the credit card company can produce a signed agreement by you, they cannot enforce any alleged guarantee by you. If I have answered all your questions, please positively rate my answer as that is how I receive credit. If you have more questions, please let me know. If the answer was especially helpful you can provide a bonus.
Expert:  Richard - Bizlaw replied 1 year ago.
If I have answered all your questions please favorably rate my answer as that is how I get credit.
Expert:  Richard - Bizlaw replied 1 year ago.
If I have answered your question, please rate my answer positively as that is how I get credit.

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