Can I take my name off of an equipment lease that I am the personal guaranteeor for?

I was threatened and made to sign this lease by the owner. The owner of the business has not paid the loan in a year and he sold the equipment.

Asked on January 31, 2013 under Business Law, Pennsylvania

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

I am very fearful for you.  Who were you in the business: an employee or some one else?  You are going to be held liable for this equipment if we can't figure out a way to void the agreement.  If you were threatened and signed it under duress then you are going to have to do something to have the agreement made void.  The company is not going to take your name off of it just like that.  Please go and speak with an attorney in your area.  Good luck.

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

No, you cannot do this, unless by "threatened" you mean threatened with violence, blackmail, or something else itself illegal. If you were the subject of  illegal pressure, not only should you have good grounds to rescind or void your guaranty, you may be eligible to sue for monetary compensatation--and you may also wish to press charges. If this is the case, you should consult with an attorney about  your options.

If  the "threats" were not of violence or illegal acts, but was simply pressure--even a great deal of pressure--to sign, you would have no recourse. People are allowed to pressure other ones into deals, so long as they do not resort to illegal threats or acts. Therefore, if you signed in this case, you would be obligated or bound by your agreement and signature.


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