What if any effectiveness does a personal guarantee have when included on a Note or Deed of Trust in Arizona?
On documents pertaining to properties would the personal guarantee provide protection to us as a lender?
A: A personal guarantee is an important protection and I would almost always require one as a lender. However, it needs to be drafted properly and in conjunction with the other loan documents. There are specific Arizona statutes on this issue, and they must be followed, or the guarantee could be worthless.
* This answer does not constitute legal advice. I am admitted in the State of Arizona only. This advice is based on general principles of law that may or may not relate to your specific situation. Facts and laws change and these possible changes will affect the advice provided here. You should not rely on this advice alone, and nothing in these communications creates an attorney-client relationship.
Published By:
Mesa
Denton Peterson Dunn, PLLC
1930 N Arboleda #200
Mesa, AZ 85213
Phone: 480-325-9900
Email: [email protected]
Website: https://gundersondenton.com/
Phoenix
Denton Peterson Dunn, PLLC
40 N Central Ave #1400
Phoenix, AZ 85004
Phone: 480-325-9937
Email: [email protected]
Website: https://gundersondenton.com/
Answered by Arizona Real Estate Lawyer at Denton Peterson Dunn, PLLC
Re-posted from AVVO Legal Questions & Answers.
