Business Case Law Update: Personal Guaranty…a “Special Kind of Contract”

En USA el contrato de fianza (personal guaranty) puede suscitar ambigüedades, como ocurrió en este caso en que el fiador se obligó por USD 39.000 y estuvo a punto de tener que responder por varios millones de dólares. En Argentina a diferencia de USA, el contrato de fianza está tipificado y acotado en sus efectos, sentido y alcances (código civil Título X). Al traducir un contrato de fianza es importantísimo tener en cuenta esta sustancial diferencia entre los sitemas jurídicos de ambos paises y no dar nada por sobreentendido.

Jeshua Lauka's Business and Real Estate Law Blog

Over the last few years I’ve posted a few articles on Personal Guarantees in a business transaction. I’ve noticed recently people coming across my articles while searching for “enforceability of a personal guarantee” – so this article, and the new case law I just reviewed is timely.

To summarize – 

Yes – a personal guaranty is enforceable

No –  a personal guaranty is not enforceable in EVERY CIRCUMSTANCE.

The case:

Stone Crest Building Co v Chicago Title (Unpublished) Michigan Court of Appeals, No. 319842

I. Facts: 

  • Stone Crest (General Contractor) contracted to build several condo projects.
  • Stone Creek  hired Stock Building (Subcontractor) to provide labor and material to the projects under an Agreement.
  • Stone Creek rain into financial problems, so it couldn’t pay its Subcontractor.
  • Stone Creek entered a new agreement (Note) with Subcontractor which included a Personal Guaranty from its President, Richard Sable.
  • The Personal Guaranty 

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