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 ?
Many renters are not aware how the market conditions have changed dramatically in the last 13 months, and some mistakenly believe that the economic turmoil on Wall Street and worldwide has kept the NYC rental market in check," said Charles Schoenau, managing director of Insurent, an Argonaut Insurance affiliate that runs the first program to offer an institutional guarantor for residential leases.
The court cancelled the arrest warrants of guarantors of Pervez Musharraf besides adjourning the hearing of the case till May, 19.
is requesting comments from market participants in the insurance industry and other interested parties on the draft criteria report, "Rating Monoline Financial Guarantors In the Public Finance Sector.
These shoko moneylenders' practices have drawn charges from some legislators and lawyers representing borrowers and guarantors in lawsuits that they are deceptive and extremely harassing.
It's a very labor-intensive process,'' said Joan Stigliano, senior vice president of client relations for International Film Guarantors.
For related-party loans, guarantors should receive reasonable consideration for their service, to preserve a deduction in the event that they must pay a debt.
I am fortunate that my daughter-in-law is principal Of a high school, so I have a guarantor in the family.
Federal student loan guarantors represent the best solution.
As the capital markets become more comfortable with the underlying risks, the need for financial guarantors may decrease.
Asked about claims by Greek Cypriot newspapers that three guarantor states, Turkey, Greece and the United Kingdom, would hold a tripartite summit on the issue of security, President Talat said, "we cannot object it.
Abdullah Al-Omair, another guarantor, says the fear about the hostile reaction of many borrowers force a large number of people to act as guarantors even though they know they may become victims of cheating.