{"id":7930,"date":"2022-01-31T18:53:26","date_gmt":"2022-01-31T23:53:26","guid":{"rendered":"https:\/\/360mediations.com\/en\/?p=7930"},"modified":"2022-01-31T18:53:29","modified_gmt":"2022-01-31T23:53:29","slug":"personal-guarantee-not-limited-to-amount-in-credit-application-form","status":"publish","type":"post","link":"https:\/\/www.360mediations.com\/en\/personal-guarantee-not-limited-to-amount-in-credit-application-form\/","title":{"rendered":"Personal Guarantee Not Limited to Amount in Credit Application Form"},"content":{"rendered":"\n

In this case, the guarantor unsuccessfully argued that his personal guarantee was limited to the amount authorized within the underlying Commercial Credit Application form: in this case, $100,000.00.\u00a0 The Court held that \u201cthe credit limit authorized is unrelated to the scope of the personal guarantee. The personal guarantee portion of the Credit Agreement specifically refers to \u201call indebtedness.\u201d It does not restrict indebtedness up to the amount of the authorized credit limit. Indeed, it would make little business sense to do so given the potential for interest charges and fees and expenses relating to collection of the debt owing<\/em>.\u201d\u00a0 In this case, the guarantor had judgment entered against him in the sum of $242,546.99 USD.<\/p>\n

The DeLong Co. Inc. v. Great Lakes Milling Company Inc.<\/em><\/strong>, 2022 ONSC 636<\/p>\n

https:\/\/www.canlii.org\/en\/on\/onsc\/doc\/2022\/2022onsc636\/2022onsc636.html<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In this case, the guarantor unsuccessfully argued that his personal guarantee was limited to the amount authorized within the underlying Commercial Credit Application form: in this case, $100,000.00.\u00a0 The Court held that \u201cthe credit limit authorized is unrelated to the scope of the personal guarantee. The personal guarantee portion of the Credit Agreement specifically refers… Continue reading Personal Guarantee Not Limited to Amount in Credit Application Form<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[150,17],"tags":[151],"class_list":["post-7930","post","type-post","status-publish","format-standard","hentry","category-contract-law","category-damages","tag-personal-guarantees","entry"],"yoast_head":"\nPersonal Guarantee Not Limited to Amount in Credit Application Form - 360Mediations<\/title>\n<meta name=\"description\" content=\"The credit limit stipulated in a Credit Application form does not limit the liability of guarantor who agreed to cover \u201call indebtedness.\u201d\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mail.360mediations.com\/en\/personal-guarantee-not-limited-to-amount-in-credit-application-form\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Personal Guarantee Not Limited to Amount in Credit Application Form - 360Mediations\" \/>\n<meta property=\"og:description\" content=\"The credit limit stipulated in a Credit Application form does not limit the liability of guarantor who agreed to cover \u201call indebtedness.\u201d\" \/>\n<meta property=\"og:url\" content=\"https:\/\/mail.360mediations.com\/en\/personal-guarantee-not-limited-to-amount-in-credit-application-form\/\" \/>\n<meta property=\"og:site_name\" content=\"360Mediations\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/360Mediations-120028596572318\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/360Mediations-120028596572318\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-31T23:53:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-01-31T23:53:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/www.360mediations.com\/en\/wp-content\/uploads\/2022\/01\/COURT-DECISIONS-360MEDIATIONS-1x1-1.png?fit=406%2C322&ssl=1\" \/>\n\t<meta property=\"og:image:width\" content=\"406\" \/>\n\t<meta property=\"og:image:height\" content=\"322\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"David M. 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