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Sanz v. Professional Underwriters Insurance Agency
Citations: 560 So. 2d 1254; 1990 Fla. App. LEXIS 2363; 1990 WL 40333Docket: No. 88-2800
Court: District Court of Appeal of Florida; April 10, 1990; Florida; State Appellate Court
Justo Sanz, the appellant, challenges a partial summary judgment favoring Professional Underwriters Insurance Agency, the appellee, regarding the enforcement of a personal guaranty he executed. Sanz was a director and shareholder of Trail Underwriters, Inc. and signed a personal guaranty tied to a management agreement with the appellee, which stipulated that the guaranty would remain valid until terminated by written notice via registered mail. Although Sanz resigned from his positions in Trail Underwriters and notified the appellee, he did not formally terminate his personal guaranty. The court ruled that merely resigning from a corporation does not negate liability under a personal guaranty unless the specific termination provisions of the agreement are met. Citing precedent, the court emphasized that a personal guaranty persists until it is expressly revoked. Given Sanz's failure to properly terminate the guaranty, the court concluded that he remained legally liable. The judgment was affirmed.