Supreme Court Ruling no. 1/2025, of 8 January, established case law to the effect that it is possible to terminate the liability of a guarantor who has ceased to be a partner or managing partner of the company subscribing a promissory note before it is completed.
However, termination is only permitted if the underlying contract or the fulfilment agreement does not stipulate a fixed term, and only applies to future liabilities, i.e. after the date of termination.
In the event of a cancellation, the secured creditor has the right to object to further funds being made available, and may invoke a change in the underlying legal relationship due to the loss of the guarantee.