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Source Civil Procedure Complete MBE Foundation List Showing the closest available flashcard practice.

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0 tracked cards Business Associations

A lender makes a loan to an LLC. One member signs the note on behalf of the LLC and also signs a separate section labeled "personal guaranty."
Which statement is most accurate?

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A member's guaranty makes every other member personally liable too. A personal guaranty is ineffective whenever the borrower is an LLC. A guaranty imposes liability only if the LLC never received the loan proceeds. A member who signs a personal guaranty for an LLC loan can be personally liable on the guaranty.

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