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)

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

guarantor

a person who gives or is bound by a GUARANTEE.
Collins Dictionary of Law © W.J. Stewart, 2006

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.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
ECOA has undergone several amendments since the Federal Reserve included guarantors within the definition of 'applicant'--including an extensive amendment to the statute after Moran was decided--and none has clarified that the term 'applicant' cannot include guarantors.").
First, the guarantor should consider the ways it can revise key defined terms in the indemnity agreement.
Moody's has also changed the way it assesses a guarantor's capital adequacy, by simplifying its capitalization benchmarks and updating how it calibrates them.
Bankers say the photographs, names and addresses of the guarantors would be published in newspapers if the dues are not cleared within 15 days of the notice containing particulars of the original borrowers.
"The use of statistical sampling makes it easier for the guarantors to prove their case because it relieves them of the burden of having to prove that a breach of representations and warranties occurred on each individual loan," says the ratings agency.
The resolution of the credit watch on the EFSF guarantor members within 90 days or sooner, would lead to the same move on EFSF, S&P said.
In other words, as long as potential guarantors provide the appropriate documentation, they can secure an apartment with Archstone, Jakel conceded.
A number of guarantors told the newspaper that they became victims of cheating by their relatives or friends only because of their earnest desire to extend them some sort of support to fulfill their urgent financial requirements.
The guarantor will have to pass a credit check and be able to demonstrate they can afford the repayments if you fail to maintain them.
Involvement of Turkey as a guarantor state in the Cyprus process, is of vital importance.
The guarantors' allegations were nothing more than desperate attempt to avoid honoring their obligations to CULS," said Ted Daniel of Fulbright & Jaworski LLPP, counsel to CULS and Texans CU.
Fortunately, through the hard work of guarantors, lenders, schools, and the government, the national student loan default rate has dropped significantly since its high point in the 1980s.