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MO SB384
Bill
AI Summary
- Adds section 431.215 to Missouri law limiting enforcement of personal guarantee loan contracts
- Prohibits lenders from enforcing business loan contracts containing personal guarantees against a party who has completely sold, assigned, or transferred all their business interest to another party
- Establishes a five-year statute of limitations from the date of sale, assignment, or transfer, after which lenders cannot seek enforcement
- Applies only when the party has transferred all of their interest in the business, not partial transfers
Legislative Description
Modifies the law relating to personal guarantee loans
Last Action
Hearing Conducted S Financial and Governmental Organizations and Elections Committee
3/11/2013
Committee Referrals
Financial And Governmental Organizations And Elections2/28/2013
Full Bill Text
No bill text available