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MShore, Attorney
Category: Legal
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Experience:  Negotiate, Draft, and Review many complex commercial agreements each year.
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I am a guarantor on a loan for a small business of which I

Resolved Question:

I am a guarantor on a loan for a small business of which I am part owner. My partner has now fired me and I need to get myself of the loan as a guarantor. Can I do that?
Submitted: 7 years ago.
Category: Legal
Expert:  MShore replied 7 years ago.
Thank you for the post, you cannot take yourself off the loan unless the bank agrees to modify the loan to remove you as the guarantor. Your recourse in this situation is to have the business execute an indemnity agreement whereby the business agrees to cover you in the event the bank pursues you as the guarantor on the loan.
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