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

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 ?
Jan 7, 2013) (adopting the view expressed in Moran that a guarantor is not an applicant); Champion Bank v.
The financial capacity of the guarantor therefore remains a major consideration for the initial rating of the Sukuk.
For example, the guarantor should attempt to remove "common law" and workplace statutes from the definition of "Environmental Laws."
--name, address or location and the counter guarantor's
Pursuant to the Civil Code, a guarantee must state a maximum time-frame for the obligations of the guarantor. However, there is no reference in either the Civil Code or the Commercial Code as to a limit on the guaranteed amount.
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.
New Delhi [India], Aug 30 (ANI): Citing Reserve Bank of India's (RBI) Annual Report 2018-2019, Congress leader Priyanka Gandhi Vadra on Friday questioned who is the guarantor under which such big bank frauds are being allowed.
According to an official document, issued by Sohaib Rashid Khan, the university's registrar available with reporter, notices were served on guarantors of Assistant Professor Tariq Saeed, Assistant Professor Dr Asad Aslam and Ali Saeed for the recovery of Rs 37.1 million the total educational expenses spent to meet their educational expenses.
The City watchdog has stepped in after estimating that guarantor loan balances have more than doubled since 2016 to almost PS1billion.
Balances on guarantor loans are "fast approaching PS1 billion", says Jonathan Davidson of the Financial Conduct Authority (FCA).
Balances on guarantor loans are "fast approaching PS1 billion" and these have more than doubled since 2016, said Jonathan Davidson, executive director of supervision - retail and authorisations, at the Financial Conduct Authority (FCA).
He added: "If President Saad Hariri insists and is keen on giving the guarantor third to the President of the Republic - as we read in Al-Mustaqbal today - then he should waive part of his share to a Sunni minister from the consultative meeting, thus solving the problem."