guarantor


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guarantor

n. a person or entity that agrees to be responsible for another's debt or performance under a contract, if the other fails to pay or perform. (See: guarantee)

guarantor

noun approver, attester, backer, cosigner, endorser, guarantee, guaranty, sponsor, subscriber, supporter, surety, warrantor
Associated concepts: commercial transactions
See also: backer, insurer, sponsor

guarantor

a person who gives or is bound by a GUARANTEE.

GUARANTOR, contracts. He who makes a guaranty.
     2. The guarantor is bound to fulfill the engagement he has entered into, provided the principal debtor does not. He is bound only to the extent that the debtor is, and any payment made by the latter, or release of him by the creditor, will operate as a release of the guarantor; 3 Penna. R. 19; or even if the guarantee should give time to the debtor beyond that contained in the agreement, or substitute a new agreement, or do any other act by which the guarantor's situation would be worse, the obligation of the latter would be discharged. Smith on Mer. Law, 285.
     3. A guarantor differs from a surety in this, that the former cannot be sued until a failure on the part of the principal, when sued; while the latter may be sued at the same time with the principal. 10 Watts, 258.

References in periodicals archive ?
As previously announced, Greenko Energy Holdings ("GEH "), a company registered in Mauritius and an affiliate of GIC Private Limited ("GIC "), has entered into a Share Sale and Purchase Deed relating to Greenko Mauritius (the "Share Sale Agreement "), dated October 19, 2015, with the Parent Guarantor, Anil Kumar Chalamalasetty and Mahesh Kolli and ACMK Enterprise Limited, a company incorporated under the laws of the Isle of Man, pursuant to which the Parent Guarantor has agreed to sell to GEH all of the ordinary shares of Greenko Mauritius ("Greenko Mauritius ") held by the Parent Guarantor, the share application money of GBP4.
Newcastle CAB say it has seen a reduction in payday loan problems but chief exec Shona Alexander warns guarantor loans are just as dangerous.
The guarantor market is worth PS154million with loans typically ranging from PS1,000 to PS7,500 over 12 to 60 months.
Citizens Advice said those put forward as a guarantor on behalf of a borrower were unknowingly signing up to guarantee expensive loan repayments, and being pursued in the case of default or arrears.
Also, the primary residence of a guarantor cannot be foreclosed on and auctioned off in order to pay off the principal debtor's loan, unless the guarantor has put up his or her house as security for the debtor's loan.
NAB had arrested director and guarantor of Sharif family Mukhtar on February, 4, 2000 for not paying back the loans.
The founders of the guarantor loan website understand how challenging it can be to have enough money to make it through the month.
When drawing up the licence, the landlord did not consult the guarantor or bring the guarantor into the discussions surrounding the alterations.
Most lenders who are willing to allow this type of arrangement insist that the guarantor is a close family member such as a parent or grandparent.
However, both the debtor and the debtor's guarantor can ask the bankruptcy court for additional protections.
It wasn't until the Brodsky Organization took the rare step of allowing Tsang's father to act as an international guarantor that she was able to sign the lease, she said.