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28 THE RURAL VOICE
FARM NEWS
Watch what
you sign
It's a time bomb. It can sit there
10 or 15 years and nothing hap-
pens. That's how Hanover lawyer
Steve Barker describes a guarantee
often signed by a wife for her hus-
band's debts at a bank. They often
forget about it until something
happens several years later and the
guarantee is called. The guarantee
is the weakest form of security for
the bank but it can be the most
dangerous to you, Barker said to
farmers attending Farm and Home
Management Day at Grey -Bruce
Farmers' Week.
Having signed a guarantee is
particularly important to a woman
who has independent assets or a
job. The creditor can garnishee her
wages. Barker's advice to the farm
woman asked to sign a guarantee is
— if it's at all possible — don't.
However, if there is no other alter-
native, she can protect herself by
limiting the amount guaranteed or
by limiting the time the guarantee
lasts. Still, Barker emphasizes, the
general principle is "to avoid it if
you can."
Speaking further on property
and credit law for farm families,
Barker urged farmers to be alert
when signing a general security
agreement with the bank. Doing so
means you pledge everything to the
bank in case of debt default. "It
doesn't specifically list the assets
you pledge. It includes all and
should be avoided if possible."
The organization of loan ar-
rangements depends upon the
organization of the farm itself.
The three choices are sole pro-
prietorship, partnership, and cor-
poration. Sole proprietorship, ac-
cording to Barker, may be
favourable if the wife works out
and has independent assets. She is
immune from her husband's debts
(assuming she didn't sign anything
stating otherwise).
A partnership is a more common
choice of organization when both
mates are active on the farm. The
partnership gives both some con-
trol but also exposes both to liabili-
ty. Barker recommends a partner-
ship be in writing.
The corporate farm, in Barker's
opinion, is what most farmers
should consider. The limited
liability of stockholders is worth