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LSDefine

Simple English definitions for legal terms

continuing guaranty

Read a random definition: Venetian patent statute

A quick definition of continuing guaranty:

A continuing guaranty is a promise made by someone to pay a debt or perform a duty if another person fails to do so. This type of guaranty applies to a series of transactions or an ongoing relationship, rather than just one specific instance. It is important to have this promise in writing and it is usually used in finance and banking contexts.

A more thorough explanation:

A continuing guaranty is a type of guarantee in which a person promises to pay a debt or perform a duty if another person fails to do so. This type of guarantee applies to a course of dealing for an indefinite time or by a succession of credits.

  • John guarantees to pay all of the debts that his friend Tom incurs with a particular credit card company. This is a continuing guaranty because it applies to a succession of credits.
  • Samantha guarantees to pay the rent for her sister's apartment for the next year. This is also a continuing guaranty because it applies to an indefinite time period.

These examples illustrate how a continuing guaranty can be used to provide ongoing financial support for another person. The guarantor is responsible for paying the debt or performing the duty if the primary obligor fails to do so. This type of guarantee is often used in business and financial contexts.

continuing covenant | continuing harm

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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