Law Dictionary Definitions

guaranty insurance.See INSURANCE. [Blacks Law 8th]

guaranty fund.See FUND(1). [Blacks Law 8th]

guaranty contract.See GUARANTY(1). [Blacks Law 8th]

guaranty company.See surety company under COMPANY. [Blacks Law 8th]

guaranty bond.See BOND(2). [Blacks Law 8th]

irrevocable guaranty (i-rev-<<schwa>>-k<<schwa>>-b<<schwa>>l). A guaranty that cannot be terminated unless the other parties consent. [Cases: Guaranty 24.] limited guaranty.An agreement to answer for a debt arising from a single transaction. — Also termed noncon-tinuing guaranty. revocable guaranty.A guaranty that the guarantor may terminate without any other party’s consent. [Cases: Guaranty 24.] special guaranty. 1. A…

guaranty (gar-<<schwa>>n-tee), n.1. A promise to answer for the payment of some debt, or the performance of some duty, in case of the failure of another who is liable in the first instance. • The term is most common in finance and banking contexts. While a warranty relates to things (not persons), is not collateral,…

guarantor trust.See TRUST. [Blacks Law 8th]

guarantor. One who makes a guaranty or gives security for a debt. • While a surety’s liability begins with that of the principal, a guarantor’s liability does not begin until the principal debtor is in default. Cf. SURETY. [Cases: Guaranty 29, 33.] “A guarantor either guarantees payment or collection, depending on the words used. ‘Payment…

guarantee treaty.See TREATY(1). [Blacks Law 8th]