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Real estate lawyers...someone has a comercial lease agreement and he is named as...

Posted on 8/1/18 at 7:45 am
Posted by Dry Prong Wildcat
Member since Oct 2017
460 posts
Posted on 8/1/18 at 7:45 am
Guarantor of the lease payments. If he marries and then passes away is his new wife the guarantor? Or since the contract was made before their wedding the lease would become void at his death. TIA
Posted by LSUbase13
Mt. Pleasant, SC
Member since Mar 2008
15060 posts
Posted on 8/1/18 at 7:47 am to
Why would she be the guarantor? Did she sign the agreement as well?
Posted by Bullfrog
Running Through the Wet Grass
Member since Jul 2010
60380 posts
Posted on 8/1/18 at 7:54 am to
I would think the guarantee was not community property if it was a simple one.

Some specifically encompass all heirs of the guarantor in case of his death to follow the assets.

A real estate attorney will be required along with copies of the lease and guarantee addendum if it is not in the body of the lease.
Posted by Koach K
Member since Nov 2016
4809 posts
Posted on 8/1/18 at 8:01 am to
Anybody else want any free legal advice today on the OT?
Posted by keakar
Member since Jan 2017
30152 posts
Posted on 8/1/18 at 8:44 am to
quote:

Why would she be the guarantor? Did she sign the agreement as well?


well when she married him she did and is responsible for his debts as well.

now the tricky part is since this was a "pre-marriage" contract,, not sure if she would be responsible for anything before the marriage
Posted by Dixie Normus
Earth
Member since Sep 2013
2846 posts
Posted on 8/1/18 at 9:00 am to
This is actually a securities lawyer question.

No, the wife doesn’t have to pay on the guarantee. The guarantee terminated when the dude died.
Posted by Dry Prong Wildcat
Member since Oct 2017
460 posts
Posted on 8/1/18 at 9:02 am to
Thanks Dixie...
Posted by BamaTiger00
NOLA
Member since May 2006
889 posts
Posted on 8/1/18 at 9:17 am to
Caveat: I don't do this type of law, but know enough to be dangerous. Also, there isn't enough info here for anyone to give you a perfect answer, so consult an attorney in the appropriate jurisdiction.

First thing - if it's Louisiana, the pre-marriage personal guarantee of the husband is presumed to be a separate (not community) debt.

But you have to look at the lease to see what it provides for. It's possible that the guarantee may be revoked upon the death of the husband. It's also possible that the lease specifically addresses that the lease is continuing, not revoked by death, and/or that the guarantee extends to the executors, etc. of the husband, i.e., a claim can be made on his estate.
Posted by theOG
Member since Feb 2010
10780 posts
Posted on 8/1/18 at 9:21 am to
quote:

Dry Prong Wildcat


This is worth you paying an attorney a couple of hours worth of fees to look at and give you advice. I do this all the time in my practice.
Posted by Pettifogger
I don't really care, Margaret
Member since Feb 2012
86070 posts
Posted on 8/1/18 at 9:24 am to
quote:

This is actually a securities lawyer question.



wtf
Posted by KSLSUFan
Member since Sep 2017
63 posts
Posted on 8/1/18 at 10:21 am to
Read the guarantee. Thats why you get both husband and wife to sign guarantees.
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