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Guarantor
(redirected from guarantors)

    Also found in: Dictionary/thesaurus, Financial 0.06 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
If the tenant is in default and refuses to vacate the premises, the individual guarantors face a personal downside.
Advantages of a 'good guy' lease guaranty by Moerdler, Jeffrey A. / Real Estate Weekly
Even for fully wrapped transactions (in which the securities will carry the rating of the financial guarantor) the rating agencies still need to review the transaction so they can provide a shadow rating, which is used by the rating agencies in determining the capital requirements for the financial guarantors.
A secure package: life insurers are becoming more creative in ... by Silverman, Stuart / Best's Review
Guarantors are generally denied an interest deduction under Sec.
Repayments of business debt after business ceases by Norman, John M. / The Tax Adviser
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