Transcription of BEWARE – SURETYSHIP - D'Amico
{{id}} {{{paragraph}}}
Example: dental hygienist
BEWARE – SURETYSHIP - D'Amico
BEWARE SURETYSHIP . As a businessperson, you will invariably be required to sign a deed of SURETYSHIP while conducting business. A deed of SURETYSHIP is where you undertake, in writing, in favour of a creditor to pay the debts of another party (the debtor). Should you require a loan or an overdraft facility with a bank, and you apply on behalf of a legal entity, that is a Company, Close Corporation of Trust, then the bank, before advancing the loan or the giving of such overdraft facility, will insist that you, as a shareholder/member/trustee, as the case may be, sign a deed of SURETYSHIP . This means that should the legal entity not be able or willing to pay its debt to the bank, such bank will look to you, as surety, for payment of that debt. In the event that there is more than one shareholder/member/trustee, then the bank will require that all the shareholders/members/ trustees sign a deed of SURETYSHIP , jointly and severally.
© D’AMICO INCORPORATED ATTORNEYS 2003 1 BEWARE – SURETYSHIP As a businessperson, you will invariably be required to sign a Deed of Suretyship while
Loading..
Tags:
Information
Domain:
Source:
Link to this page:
Please notify us if you found a problem with this document: