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OK here goes....can you check South Carolina Law...do personal loan guarantees expire in 5 years in South Carolina (from the date you signed them) ? This is a personal guarantee on a corporation''s business loan. Do UCCs expire in 5 years in South Carolina ( on manufacturing equipment ), such that the equipment covered in the UCC - at the five year mark - falls to the holder on the blanket lien? Thirdly, the bank in question has accepted all of their payments from a third party for the full five year term....and no checks within five years from the corporation and me as the personal guarantor that they are NOW trying to collect from. Their finance lease expired in May and I believe they now have no collateral and no personal guarantee. I have heard that accepting five years of payments from a third party.....puts them in a questionable position. I realize this question is worth more than the usual $30 deposit...so let me know the cost. Thanks. XXXXX@XXXXXX.XXX

Submitted: 477 days and 15 hours ago.

Category: Legal

Value: $30

Status: CLOSED

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Anderson, South Carolina

Already Tried:
nothing....just been served with papers on the guarantee...loan matured in may...they have never had a check from the company, but accepted all payments of $18,000/month from a 3rd party....and the now they say they are owed $ 36,000 as a final payment. While I am documenting everything and thinking about how to select an attorney, I am wondering if these questions I have offer some negotiating room, as in pointing out that their personal guarantee expired in May....and that the UCC has expired and the collateral now falls to the primarly bank holding a blanket lien. Thanks so much and let me know what these questions are worth...in terms of compensation for you.

Accepted Answer

Hello,

Thank you for your question. I am happy to assist you.
You stated "let me know what these questions are worth...in terms of compensation for you." and "I realize this question is worth more than the usual $30 deposit...so let me know the cost."

The way that the site works it that you ask a question and along with a price that you are willing to pay for the question. We are not permitted to set a price for you. I can answer the questions at $30 each. Each time you click ACCEPT you are agreeing to pay only $30 total. You can submit a bonus if you would like at whatever amount you think is fair.

First question:
Do personal loan guarantees expire in 5 years in South Carolina (from the date you signed them) ?

Personal guarantees are governed by general contract law. Absent language to the contrary, the personal guarantee will have a duration equal to the term of the underlying debt that it guarantees. If you think that your personal guarantee is limited by the terms of the guarantee, you can post me back with the specific language of the guarantee.

Additionally SCCLA 15-3-530 provides that there is a three year statute of limitations for breach of contract.

Second question:
Do UCCs expire in 5 years in South Carolina ( on manufacturing equipment )

Most UCC filings expire in five years pursuant to UCC 9-515 unless a continuation statement is filed.

You can check to determine if the particular UCC filing was continued at this link:
http://www.scsos.com/uccsearch.htm

I hope that the information which I provided was helpful to you.

After reviewing this information, you can submit your additional questions to me directly.

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FLAandNYLAWYER

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Accepts:
Expert:	FLandNYLawyer
Pos. Feedback:	97.2 %
Answered:	7/31/2008

Attorney

20 years of private practice

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