guaranty

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 person, the latter being primarily bound to perform. 24 Am J1st Guar § 3. Concisely, a promise to answer for the debt, default, or miscarriage of another person, provided such person does not respond by payment or performance. Hickory Novelty Co. v Andrews, 188 NC 59, 123 SE 314. The fundamental difference between a contract of guaranty and one of suretyship is that the guarantor's contract is collateral to and independent of the contract the performance of which he guarantees while that of a surety is an original obligation. 24 Am J1st Guar § 11. See absolute guaranty; collateral guaranty; conditional guaranty; continuing guaranty; general guaranty; guaranty insurance; letter of credit; limited guaranty; merger of guaranty; offer to guarantee; prior indorsements guaranteed; special guaranty; suretyship; warranty.

Ballentine's law dictionary. . 1998.

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  • guaranty — guar·an·ty / gar ən tē, gär / n pl ties [Old French garantie, from garantir to guarantee, from garant warrant] 1: a pledge to pay another s debt or to perform another s duty in case of the other s default or inadequate performance compare letter… …   Law dictionary

  • Guaranty — Guar an*ty, v. t. [imp. & p. p. {Guarantied}; p. pr. & vb. n. {Guarantying}.] [From {Guaranty}, n.] In law and common usage: To undertake or engage that another person shall perform (what he has stipulated); to undertake to be answerable for (the …   The Collaborative International Dictionary of English

  • Guaranty — Guar an*ty, n.; pl. {Guaranies}. [OF. guarantie, garantie, F. garantie, OF. guarantir, garantir, to warrant, to guaranty, E. garantir, fr. OF. guarant, garant, a warranter, F. garant; of German origin, and from the same word as warranty. See… …   The Collaborative International Dictionary of English

  • guaranty — (n.) act or fact of guaranteeing, 1520s, garrantye, from earlier garant (see GUARANTEE (Cf. guarantee)) with influence from O.Fr. garantie protection, defense, originally pp. of garantir to protect, from the same source. The sense of pledge given …   Etymology dictionary

  • guaranty — *guarantee, surety, security, bond, bail Analogous words: *pledge, earnest, token: *contract, bargain …   New Dictionary of Synonyms

  • guaranty — (also guarantee) ► NOUN (pl. guaranties) 1) an undertaking to answer for the payment of a debt or for the performance of an obligation by another person liable in the first instance. 2) a thing serving as security for such an undertaking …   English terms dictionary

  • guaranty — [gar′ən tē] n. pl. guaranties [OFr garantie < garantir, to guarantee < garant, warant, a warrant, supporter < Frank * warand, prp. of * warjan, to verify (akin to OHG werēn < wār, true < IE * weros, true > L verus), infl. also… …   English World 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 agreement by a person, partnership, or corporation (other than the borrower) to repay a bank loan if the borrower does not pay. American Banker Glossary * * * guaranty guar‧an‧ty [ˈgærənti] noun guaranties PLURALFORM [countable] FINANCE LAW a… …   Financial and business terms

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