En USA el contrato de fianza (personal guaranty) puede suscitar ambigüedades, como ocurrió en este caso en que el fiador se obligó por USD 39.000 y estuvo a punto de tener que responder por varios millones de dólares. En Argentina a diferencia de USA, el contrato de fianza está tipificado y acotado en sus efectos, sentido y alcances (código civil Título X). Al traducir un contrato de fianza es importantísimo tener en cuenta esta sustancial diferencia entre los sitemas jurídicos de ambos paises y no dar nada por sobreentendido.
Over the last few years I’ve posted a few articles on Personal Guarantees in a business transaction. I’ve noticed recently people coming across my articles while searching for «enforceability of a personal guarantee» – so this article, and the new case law I just reviewed is timely.
To summarize –
Yes – a personal guaranty is enforceable
No – a personal guaranty is not enforceable in EVERY CIRCUMSTANCE.
The case:
Stone Crest Building Co v Chicago Title (Unpublished) Michigan Court of Appeals, No. 319842
I. Facts:
- Stone Crest (General Contractor) contracted to build several condo projects.
- Stone Creek hired Stock Building (Subcontractor) to provide labor and material to the projects under an Agreement.
- Stone Creek rain into financial problems, so it couldn’t pay its Subcontractor.
- Stone Creek entered a new agreement (Note) with Subcontractor which included a Personal Guaranty from its President, Richard Sable.
- The Personal Guaranty
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