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Thomas McJD
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While serving as an officer of a Delaware company I signed

Resolved Question:

While serving as an officer of a Delaware company I signed a bank guarantee of a loan with Wells Fargo Bank which read "this guaranty is made in California and will be governed by California law." I am no longer with the company and live in Florida. Can I be sued on this guarantee in state court in Florida or is California the proper venue?
Submitted: 11 months ago.
Category: Legal
Expert:  Thomas McJD replied 11 months ago.

Thomas McJD :

Hi, I'm Thomas and will be happy to assist you. My goal is to make you a very satisfied customer! Thanks in advance for your patience.

Thomas McJD :

If you made a personal guarantee, then you can be sued on the guarantee agreement. Although the agreement is made subject to California law, and CA law will control, the bank can sue you in Florida. Florida courts would simply apply CA law in determining the outcome of the case.

Thomas McJD :

Please let me know if you need any additional information. Thanks.

Customer:

I haven't received any information.

Thomas McJD :

Sorry. I typed my answer at 6:12 and posted it but this system is not the most user friendly. Here was my answer: "If you made a personal guarantee, then you can be sued on the guarantee agreement. Although the agreement is made subject to California law, and CA law will control, the bank can sue you in Florida. Florida courts would simply apply CA law in determining the outcome of the case."

Customer:
Here is all that I received:Thomas McJD has stepped out of this chat.



7:21 PM


Thomas McJD has entered this chat!




Thomas McJD says:

7:24 PM



Please let me know if you need any additional information. Thanks



Customer:

That's what I thought.

Thomas McJD :

Can I help you with anything else?

Customer:

What about the fact they said they would send a copy of the lending agreement but never did?

Thomas McJD :

Unfortunately, that doesn't affect the validity of the guaranty agreement. As long as there was consideration (they promised to make the loan or extend it based on your promise to guaranty the loan), then the guaranty agreement is valid.

Thomas McJD :

The only possible defenses if there was consideration are that the statute of limitations has run on the note or on the guaranty agreement.

Thomas McJD :

Please let me know if there's anything else I can help with. If not, I would be grateful if you could please leave me a positive rating for my assistance. Thanks!

Customer:

Thank you.

Thomas McJD :

You're welcome.

Thomas McJD, Attorney
Category: Legal
Satisfied Customers: 6514
Experience: Legal Expert
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