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Source Injunctions and Equitable Relief Complete Civil Procedure 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 who signs a personal guaranty for an LLC loan can be personally liable on the guaranty. A guaranty disappears when the LLC changes its logo. A guaranty is valid only if all customers sign it. A personal guaranty is ineffective whenever the borrower is an LLC.

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