Saxony Ice Co. v. Little Mary's American Bistro, 1997 WL 674945 (N.Y.A.D. 10/27/97). GUARANTY - How could anyone sue a lessee with a name like that? Anyway, the guaranty was signed by the corporate president. There will be a trial on the issue of whether there was adequate consideration - Apparently, the president was not an owner of the business and the issue is whether she received anything of value for signing the guaranty. Good question: Is a corporate officer a proper guarantor without some showing of additional consideration for executing the guaranty (such as a payment by the lessee or an acknowledgement that the success of the business is in the direct financial interest of the guarantor)?
Guaranty
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