Under what circumstances would a person have to pay a loan for which they did not sign?
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Under what circumstances would a person have to pay a loan for which they did not sign?
Asked on January 31, 2013 under Business Law, Tennessee
Answers:
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Typically, you would not have to pay for such a loan. That having been said, there are times that you might be held liable for repayment on a loan fthay you never signed for. For example, if you are married and live in a communiy property state the loan would be considered to be debt of the communal marital estate. Accordingly, as a spouse you would be liable for repayment. Also, in certain situations a principal of a business could be held for a business loan even if they did not sign a note. However, that would depend on just how the business was set-up. Bottom line, if you face potential liability regarding a loan for which you did not sign, you should consult directly with an attorney in your area.
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