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 ?
Not only does the creditor have to pay for the handwriting expert, but usually also has to present the handwriting expert with a sampling of true signatures from the guarantor such as canceled checks, tax returns or a driver's license for purposes of comparison.
The ratings at which the financial guarantors ultimately stabilize will be very important.
For 'F1+' rated programs to be downgraded, the rating of the financial guarantor would need to fall below 'AA-'.
For example, the guarantor should attempt to remove "common law" and workplace statutes from the definition of "Environmental Laws.
It is well settled that a guarantor may rely and insist upon the terms and conditions of his personal guarantee being strictly followed, and if the creditor and principal debtor vary in any material degree the terms of their contract, then a new contract has been formed, upon which the guarantor is not obligated or bound.
A guarantor will have the right to pay in monthly instalments, if he or she so chooses, and the interest rate will not be higher than that charged to the principal debtor in the latter's repayment scheme.
upon discharge of the relevant debt, the creditor must deliver to the guarantor all necessary papers to enable the guarantor to exercise its right of recourse against the principal debtor.
When drawing up the licence, the landlord did not consult the guarantor or bring the guarantor into the discussions surrounding the alterations.
The Assured/Flagstar case is the first of the Cymortgage-putback' cases brought by financial guarantors against mortgage originators to go to trial," say James Eck, vice president and senior credit officer of Moody's and David Fanger, Moody's senior vice president in the ratings agency's latest Weekly Credit Outlook.
Best s approach to evaluating financial guarantors that provide credit enhancements to U.
Indeed, most landlords apply the same logic to American guarantors who live outside the Tri-State Area.
Most of these guarantors are either close relatives or friends of the borrowers.