collateral promise to answer for the debt of another
- collateral promise to answer for the debt of another
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An undertaking which renders the promisor a guarantor or surety upon a debt owing by a third person who is primarily liable; a promise to pay the debt of another person made under such circumstances that, as between the debtor and the promisor, the former should pay. 49 Am J1st Stat of F § 61; an undertaking by a person not before liable for the purpose of securing or performing the same duties for which the party for whom the undertaking is made continues liable. Goldsmith v Erwin (CA4 NC) 183 F2d 432, 20 ALR2d 240.
Ballentine's law dictionary.
Anderson, W.S..
1998.
Look at other dictionaries:
collateral undertaking — See collateral contract; collateral promise to answer for the debt of another … Ballentine's law dictionary
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guarantee — gua·ran·tee /ˌgar ən tē, ˌgär / n [probably alteration of guaranty] 1: guarantor 2: guaranty (1) 3: an assurance that a condition will be fulfilled: as … Law dictionary
guaranty — 1. v. To undertake collaterally to answer for the payment of another s debt or the performance of another s duty, liability, or obligation; to assume the responsibility of a guarantor; to warrant. See guaranty noun, 2. n A collateral agreement… … Black's law dictionary
guaranty — 1. v. To undertake collaterally to answer for the payment of another s debt or the performance of another s duty, liability, or obligation; to assume the responsibility of a guarantor; to warrant. See guaranty noun, 2. n A collateral agreement… … Black's law dictionary
guaranty — An undertaking or promise, on the part of one person called the guarantor, which is collateral to a primary or principal obligation on the part of another, and which binds the guarantor to performance in the event of nonperformance by such other… … Ballentine's law dictionary
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