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8/12/2010
VerifiedThe enforceability of personal guarantees is governed by common law and not by a particular act or regulation. A personal guarantee can be vitiated if there has been a material change in circumstances and the guarantor was not advised. In your case, a strong argument can be made that the bank should not be able to rely on its guarantee because it lost its priority as a secured creditor because of its failure to renew its security interest.
If the bank sends a letter demanding payment, I urge you to retain a commercial litigation lawyer to act as your advocate. The Nova Scotia Barristers Society(NNN) NNN-NNNN can provide you with names of local commercial litigation lawyers.
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