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socrateaser
socrateaser, Lawyer
Category: Legal
Satisfied Customers: 39172
Experience:  Retired (mostly)
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My husband and I, as shareholders of an s corp, personally

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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
JA: Since business law varies from place to place, can you tell me what state the corporation is registered in?
Customer: 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
JA: Has anything been filed or reported?
Customer: I filed a civil complaint in court. The trial date is oct 16. He will appear telephoniclly
JA: Anything else you want the lawyer to know before I connect you?
Customer: nj corp by the way

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: replied 30 days 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.

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