Under the Cicis Guaranty, what representation is made if the spouse's signature is missing?
Cicis Franchise · 2025 FDDAnswer from 2025 FDD Document
Each Guarantor represents and warrants that, if no signature appears below for such Guarantor's spouse, such Guarantor is either not married or, if married, is a resident of a state which does not require the consent of both spouses to encumber the assets of a marital estate.
Source: Item 23 — RECEIPTS (FDD pages 65–263)
What This Means (2025 FDD)
According to Cicis's 2025 Franchise Disclosure Document, if a guarantor's spouse's signature is absent from the Guaranty and Assumption of Obligations document, the guarantor represents that they are either unmarried or, if married, reside in a state that does not legally require spousal consent to encumber marital assets. This representation is crucial for Cicis as it affects the enforceability of the guaranty against the guarantor's assets.
For a prospective Cicis franchisee, this means that if you are married, you may need your spouse to sign the guaranty to bind the marital assets, depending on the state where you reside. If you do not obtain your spouse's signature, you are warranting to Cicis that such a signature is not required under applicable state law. This could have legal implications if the representation is inaccurate.
It is important for potential Cicis franchisees to understand the laws in their state of residence regarding marital property and spousal consent. Franchisees should consult with a legal professional to ensure they are compliant with all applicable laws and that they fully understand the implications of the guaranty, especially concerning marital assets and spousal signatures. This due diligence can help avoid potential legal complications in the future.