Craig as you might guess I am very interested in this... need to get it straight myself. So qualifying your signature means nothing, you say.
I have copies of the loan documents... I just scanned them again. The first section that I thought was relevant was:
The note in question starts with:" For value received, the undersigned XYZ LLC an XYZ state limited liability company, having and address.... hereby promises to pay to the order of Bank Name..."
This to me makes it look like this note was taken out by the corporation (LLC).
"...the bank has agreed to make this loan as requested , provided that the Guarantors jointly and severally guarantee the payment of all indetedness to be evidenced by such loan..."
Now I thought this means that if you and I sign for a loan, and I disappear the bank can go after you for the full amount, not just 50% . Do you agree?
Then there was this:
"This guaranty shall be binding upon the guarantors and their respective executors, administrators, personal representatives, successors, heirs and assigns, and shall inure to the benefit of the bank and its successors and assigns."
I think this, if individually signed, means the executor/administrator must deal with the indebtedness. This is making it sound like a personal endorsement.
Finally on the signature line it say:
By: Joe Blow, an individual
This seemed to nail the fact that the "corporate veil" did not apply" as it was signed individually.
Now I also have copies of a previous note from years past that was signed in a corporate manner. The trouble is when I photographed the "fine print" in the court records, it is really small and I cannot see if the above two statements are in it... raats.
The signature line IS different and says:
By: Joe Blow, Managing Member XYZ LLC
Craig your comments and insight is welcome. I REALLY want to understand this issue with respect to ensuring that note paper is signed corporately and not individually. I scanned the entire document and the only place I could find "individual" or "individually" in the devastating note was the signature line.