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Guarantor

   Also found in: Dictionary/thesaurus, Financial, Wikipedia 0.09 sec.

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, 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.
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? References in periodicals archive
The most favorable to the tenant merely requires delivery of vacant possession of the premises whereupon the guarantor is released from liability for the payment of rent.
Advantages of a 'good guy' lease guaranty by Moerdler, Jeffrey A. / Real Estate Weekly
FINANCIAL GUARANTORS--A financial guarantor lends its rating to a security for a fee.
A secure package: life insurers are becoming more creative in ... by Silverman, Stuart / Best's Review
Normally a loan guarantee would not cause a guarantor to fall into this category because the guarantor would be entitled to reimbursement for any payments made.
Debt allocation and LLCs by Schnee, Edward J. / Journal of Accountancy
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