Guarantor - Law Dictionary Search Results
Home Dictionary Name: guarantorSurety and guarantor
Surety and guarantor, are both answerable for debt, default, or miscarriage of another but liability of guarantor is, strictly speaking, secondary, and collateral, while that of surety is original, primary and direct. In case of suretyship there is but one contract; and surety is bound by the same agreement which binds his principal, while in case of guaranty there are two contracts and guarantor is bound by independent undertaking, Amulya Lal Choudhury v. Tripura Industrial Development Corporation, AIR 2007 Gau 113....
guarantor
guarantor : one that makes or gives a guaranty ...
Guarantor
Guarantor, he who makes a guaranty....
Guaranty, or Guarantee
Guaranty, or Guarantee, a promise to a person to be answerable for the payment of a debt or the performance of a duty by another, in case he should fail to perform his engagement. An offer to guarantee until it be accepted is not binding. At Common Law a guarantee need not have been in writing, but the Statute of Frauds (29 Car. 2, c. 3), s. 4, enacts that 'No action shall be brought whereby to charge the defendant upon any special promise to answer for the debt, default, or miscarriages of another person, unless the agreement upon which such action shall be brought, or some memoran-dum or note thereof, shall be in writing, and signed by the party to be charged therewith or some other person thereunto by him lawfully authorized.' In case of guarantees, great inconvenience had resulted from the construction put upon the above s., viz., that the consideration for the promise of the guarantor must appear upon the written instru-ment. To remedy this, the Mercantile Law Amend-ment Act, 1856...
surety
surety pl: -ties [Anglo-French seurté, literally, guarantee, security, from Old French, from Latin securitat- securitas, from securus secure] 1 : a formal engagement (as a pledge) given for the fulfillment of an undertaking 2 : one (as an accommodation party) who promises to answer for the debt or default of another NOTE: At common law a surety is distinguished from a guarantor by being immediately liable as opposed to becoming liable only upon default of the principal. Under the Uniform Commercial Code, however, a surety includes a guarantor, and the two terms are generally interchangeable. ...
warrant
warrant [Anglo-French warant garant protector, guarantor, authority, authorization, of Germanic origin] 1 : warranty [an implied of fitness] 2 : a commission or document giving authority to do something: as a : an order from one person (as an official) to another to pay public funds to a designated person b : a writ issued esp. by a judicial official (as a magistrate) authorizing an officer (as a sheriff) to perform a specified act required for the administration of justice [a of arrest] [by of commitment] administrative warrant : a warrant (as for an administrative search) issued by a judge upon application of an administrative agency anticipatory search warrant : a search warrant that is issued on the basis of an affidavit showing probable cause that there will be certain evidence at a specific location at a future time called also anticipatory warrant arrest warrant : a warrant issued to a law enforcement officer ordering the officer to arrest and bring the person named i...
Benefit of discussion
Benefit of discussion, is that whereby the antecedent heir, such as the heir of line in a pursuit against the heir of tailzie, etc., must be first pursued to fulfil the defunct's deeds and pay his debts. This benefit is likewise competent in many cases to cautioners, Scots Law.A guarantor's right to require a creditor to seek payment from the principal debtor before seeking payment from the guarantor; Black's Law Dictionary, 7th Edn....
D'Oench doctrine
D'Oench doctrine [from D'Oench, Duhme & Co., Inc. v. Federal Deposit Insurance Company, 315 U.S. 447 (1942), the Supreme Court case establishing the doctrine] : a doctrine in banking law: a party (as a borrower or guarantor) cannot assert an unrecorded agreement with a failed bank against attempts by the federal insurer (as the Federal Deposit Insurance Corporation) or its assigns to collect on a promissory note (as a loan) called also D'Oench Duhme doctrine ...
guarantee
guarantee [probably alteration of guaranty] 1 : guarantor 2 : guaranty 3 : an assurance that a condition will be fulfilled: as a : an agreement by which one person undertakes to secure another in the possession or enjoyment of something b : an assurance of the quality or of the length of use to be expected from a product offered for sale often with a promise of reimbursement 4 : guaranty [constitutional s] guarantee vt ...
guaranty
guaranty 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 of credit 2 : guarantee 3 : guarantor 4 : something given as security : pledge 5 : the protection of a right afforded by legal provision (as in a constitution) ...
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