Personal Guarantees in Commercial Collection: How Helpful Are They?
The McHughes Law Firm
JUNE 22, 2016
Guarantees can be classified as being either guarantees of payment or guarantees of collection, and the distinction is important to recognize. A guarantee of payment is a far more effective tool , as it allows a creditor to proceed directly against the guarantor without the necessity of taking any action against the primary obligor [debtor].
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