QUESTION
Protecting inheritance money as a guarantor of a lease
Asked on Mar 16th, 2013 on Business Law - Florida
More details to this question:
We are in the process of opening a business and the landlord has asked for a personal guarantor of the lease. The person that has the best credit is our CFO. She has no issue put up the guarantee but she wants to make sure that her inheritance money is protected if things go wrong. Is there a way to do this?
1 ANSWER
Unlikely. Put yourself in the landlord's shoes. Would you want to agree to exclude a certain asset from a personal guarantee? Probably not. If the landlord finds out she's entitled to an inheritance that will give the landlord more of an incentive to demand the personal guarantee. But in my opinion any personal assets your CFO has or will have are subject to exposure upon a judgment being entered against the lessess. Note also that a judgment in Florida is good for 20 years as long as it gets renewed/refiled before the expiration of 10 years.
Answered on Mar 16th, 2013 at 3:13 PM
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