February 18, 2018
Today’s lesson: you can’t just “walk away” from a business partnership. Another submission from the Department of Horror Stories. “Marcia” started a corporation about 15 years ago. She and her former partner, “Dara,” personally guaranteed a line of credit for the company .About 10 years ago, and after a protracted lawsuit, Marcia left the corporation with an agreement that (among other things), she would not have any further claims, rights, or obligations to the company. However, her name was never removed from the credit line . . . which Dara ended up tapping out a couple of years ago and filing bankruptcy to get out of the obligation. The bank is now breathing down Marcia’s neck. Not a pretty scenario, is it? The agreement between Marcia and Dara covered matters between the two of them . . . but not between them and third parties (such as the bank). The fact that Marcia left the business 10 years ago has no bearing on her personal guaranty with the bank. From the bank’s perspective, the…
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