Personal Guarantee - Michigan

Download Personal Guarantee - Michigan PDF

Michigan · Fillable PDF · Free

A personal guaranty is a business owner’s promise to personally pay a company’s debt, lease, or credit account if the company does not. A personal guaranty is a business owner’s promise to personally pay a company’s debt, lease, or credit account if the company does not.

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Who this form is for

  • A personal guaranty is a business owner’s promise to personally pay a company’s debt, lease, or credit account if the company does not.

What you'll need

  • Read the packet and check the receiving agency's required form.
  • Gather the names, dates and supporting records requested in the document.
  • Review the packet's signing, identification and witness instructions.

How to complete it

  1. Describe what is guaranteed (Page 1) Identify the loan, lease, or credit account, and choose unlimited or limited.
  2. Understand the risk A guarantor can be personally liable for the full amount. Speak with an attorney before signing.
  3. Sign in front of a notary Do not sign ahead of time. Bring a current, government-issued photo ID for each person signing.
  4. The creditor keeps the original. The guarantor should keep a copy.

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