• Amendments to Alberta's Guarantees Acknowledgment Act Are Likely to Cause Increases in Cost, Inconvenience and Frustration
  • February 4, 2015 | Author: Pamela S. Lindsay
  • Law Firm: McLennan Ross LLP - Edmonton Office
  • At some point in your life, it is possible that you will be asked by a family member or friend, or a financial institution, to act as a guarantor in a loan or credit agreement. It is essential that you know exactly what you are agreeing to prior to providing the guarantee. In Alberta recent amendments to the Guarantees Acknowledgment Act, RSA 2000, c. G-11 (the “Act”) will soon require individuals to retain and pay for legal advice, regardless of their knowledge and experience with guarantees, prior to granting a guarantee.