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My husband and I, as shareholders of an s corp, personally…

Hi my husband and...

Hi my husband and I, as shareholders of an s corp, personally and equally guaranteed the loan taken in the name of the s corp the item (tractor) was repossessed with now a deficiency balance my husband, who now resides in a foreign country claims he isn't liable for the loan because he was out of the country at the time of repossession. He says I should pay all thing

Lawyer's Assistant: Since business law varies from place to place, can you tell me what state the corporation is registered in?

I have a trial in civil court this October and I'm hoping to win. I want a judgement against him for his share or possibly all loan because it was his tractor driving income that paid the loan. When he left the country the payments could not be made and therefore the reposseseion

Lawyer's Assistant: Has anything been filed or reported?

I filed a civil complaint in court. The trial date is oct 16. He will appear telephoniclly

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Nj corp by the way

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Answered in 3 minutes by:
9/23/2017
socrateaser
socrateaser, Lawyer
Category: Legal
Satisfied Customers: 39,986
Experience: Retired
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Hello,

If your question is whether or not your husband can be held liable for the tractor even though he was not in the USA when the equipment was repossessed, then answer is simply, "yes." The only relevant fact is that he apparently personally guaranteed the loan. If so, then he's liable along with you for repayment.

I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer (click 3, 4 or 5 stars) -- otherwise, Justanswer retains your entire payment, and I receive nothing for my efforts in your behalf. Note: If you cannot find the rating button on your webpage, please just type in your rating in a response to this note, and customer service will apply the rating for you.

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Customer reply replied 9 months ago
He left to attend a funeral and claims I should have made the payments and that I "purposely gave back his tractor to the bank"Of course this isn't true, but will his argument have any merit in court?

I'm sorry, but I don't do phone consults in this forum. Someone else may accept your offer. If so, I hope that they can provide competent assistance.

Your husband's argument is absurd, and the judge will see right through it.

I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer (click 3, 4 or 5 stars) -- otherwise, Justanswer retains your entire payment, and I receive nothing for my efforts in your behalf. Note: If you cannot find the rating button on your webpage, please just type in your rating in a response to this note, and customer service will apply the rating for you.

Thanks again for using Justanswer!

socrateaser
socrateaser, Lawyer
Category: Legal
Satisfied Customers: 39,986
Experience: Retired
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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