Can I take my name off of an equipment lease that I am the personal guaranteeor for?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Can I take my name off of an equipment lease that I am the personal guaranteeor for?
I was threatened and made to sign this lease by the owner. The owner of the business has not paid the loan in a year and he sold the equipment.
Asked on January 31, 2013 under Business Law, Pennsylvania
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
I am very fearful for you. Who were you in the business: an employee or some one else? You are going to be held liable for this equipment if we can't figure out a way to void the agreement. If you were threatened and signed it under duress then you are going to have to do something to have the agreement made void. The company is not going to take your name off of it just like that. Please go and speak with an attorney in your area. Good luck.
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
No, you cannot do this, unless by "threatened" you mean threatened with violence, blackmail, or something else itself illegal. If you were the subject of illegal pressure, not only should you have good grounds to rescind or void your guaranty, you may be eligible to sue for monetary compensatation--and you may also wish to press charges. If this is the case, you should consult with an attorney about your options.
If the "threats" were not of violence or illegal acts, but was simply pressure--even a great deal of pressure--to sign, you would have no recourse. People are allowed to pressure other ones into deals, so long as they do not resort to illegal threats or acts. Therefore, if you signed in this case, you would be obligated or bound by your agreement and signature.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.