- collateral undertaking
- See collateral contract; collateral promise to answer for the debt of another.
Ballentine's law dictionary. Anderson, W.S.. 1998.
collateral undertaking
Look at other dictionaries:
collateral — col·lat·er·al 1 /kə la tə rəl, la trəl/ adj 1 a: accompanying as a secondary fact, activity, or agency but subordinate to a main consideration b: not directly relevant or material a collateral evidentiary matter a collateral issue 2: belonging to … Law dictionary
collateral guaranty — An anomalous expression, since a guaranty is inherently collateral, being collateral to the principal obligation, but used by way of emphasizing the existence of a guaranty in the strict sense of the term, in which the obligation of the guarantor … Ballentine's law dictionary
collateral promise to answer for the debt of another — 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,… … Ballentine's law dictionary
As a noun, an undertaking or promise that is collateral to the primary or principal obligation and that binds the guarantor to performance in the event of nonperformance by the principal obligor. — As a noun, an undertaking or promise that is collateral to the primary or principal obligation and that binds the guarantor to performance in the event of nonperformance by the principal obligor. A provision contained in a written document, such… … Law dictionary
cross collateral — Security given by both parties to a contract or undertaking for performance or payment … Black's law dictionary
cross collateral — Security given by both parties to a contract or undertaking for performance or payment … Black's law dictionary
suretyship — A contractual relation, resulting from a primary, original, absolute, and unconditional engagement, whereby one person, the surety, engages to be answerable for the debt, default, or miscarriage of another, the principal. Madison County Farmers… … Ballentine's law dictionary
indemnity and guaranty — Two distinct undertakings, in that a guaranty is a collateral undertaking, and presupposes some contract or transaction to which it is collateral, while an indemnity is essentially an original contract. Anderson v Spence, 72 Ind 315 … Ballentine's law dictionary
warranty — noun (plural ties) Etymology: Middle English warantie, from Anglo French warantie, garantie, from warentir to warrant Date: 14th century 1. a. a real covenant binding the grantor of an estate and the grantor s heirs to warrant and defend the… … New Collegiate 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
