Remaining On As A Personal Guarantor

[automax01]

I currently have two cell phone businesses that are in the process assigning their current leases to a much bigger player in the industry. Do I have to stay on as a personal guarantor? The company taking over has between 25-30 locations and is very well set financially. Please advise.

 

[automax01]

Personal Guarantor

If you re-assign a commercial lease, do you still have to remain on as a personal guarantor if the original lease has you in this capacity?

 

[lwpat]

You can notify the parties that you are no longer a personal guarantor. Then the new company can make arrangements as necessary. Just notification may not be enough so be sure you get signed releases.

 

[seniorjudge]

What does the original written lease say about your question?