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LSDefine

Simple English definitions for legal terms

guaranty

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A quick definition of guaranty:

A guaranty is a promise made by someone, called a guarantor, to pay back a debt if the person who borrowed the money, called a debtor, cannot pay it back. It's like a backup plan to make sure the creditor gets their money back. The guarantor only has to pay if the debtor doesn't pay, and the guarantor gets in trouble if they don't keep their promise. A guaranty can be part of a loan agreement, and it involves three people: the creditor, the debtor, and the guarantor.

A more thorough explanation:

A guaranty is a promise made by a guarantor to a guarantee. It is like a collateral for the primary obligation of the guarantor to perform. In finance or lending, a guarantor is responsible for the debt or default of the debtor to the creditor if the debtor fails to repay their debt. This means that a guarantor assures the future payment of another person's debt.

For example, if a person takes out a loan and has a guarantor, the guarantor promises to pay the loan if the borrower cannot. This is a form of assurance for the lender that they will receive their money back.

A guaranty involves three parties: the guarantor, the guarantee, and the debtor. The guarantor promises to pay the debt of the debtor if they cannot fulfill their obligation to repay the debt. The guarantee is the person or entity that receives the guaranty, and the debtor is the person who owes the debt.

A guaranty is not enforceable until there is a breach of contract or failure of performance by the debtor. This means that the guarantee cannot make a claim against the guarantor until the debtor fails to fulfill their obligation.

One example of a guaranty is a co-signed loan agreement. If a person takes out a loan and has a co-signer, the co-signer is a guarantor. They promise to pay the loan if the borrower cannot. This is a form of assurance for the lender that they will receive their money back.

Another example of a guaranty is a rental agreement. If a person rents an apartment and has a guarantor, the guarantor promises to pay the rent if the tenant cannot. This is a form of assurance for the landlord that they will receive their rent payment.

guarantor | guardian

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18:13
jk that is nice
babycat
18:14
@EvolBunny: I love fluoride 😍😍😍
18:14
omg me too
BulbasaurNoLikeCardio
18:15
@EvolBunny: I am fine with them making their cut and all that but I bought it with an adjustable gas block, new LVPO and foregrip so I just have a bunch of parts and ammo with no way to shoot it
@BulbasaurNoLikeCardio: i mean getting paid for their incompetence is based
18:15
they think you are going to attack dj trump
BulbasaurNoLikeCardio
18:18
@BulbasaurNoLikeCardio: they blaimed it on their IT team for not updating it as out of stock when I paid but like buying something in stock in September then being told I won't get it until mid January is pretty wild. I do not hunt anymore but their mistake would of caused me to miss the entire season. If it wasn't so hard to get left handed ARs I would of gone elsewhere
oh that's kind of worth more than $140
that's at least $300
18:19
@BulbasaurNoLikeCardio: what you gonna do when january hits and they are like "it still isnt here come back in april"
BulbasaurNoLikeCardio
18:20
Its a $600 part, they already covering shipping and paying the tax so $140 is an additional 25% off.
BulbasaurNoLikeCardio
18:20
If it doesn't come January I am going to just say fuck it and toss everything on the right handed upper and just eat gas.
18:21
You should have said to refund you or give 300 off
18:21
wasp is wasp
18:21
knows how be rich and demand shit lmfao
i am atheist not protestant
18:22
same thing tho ya? - catholic
BulbasaurNoLikeCardio
18:23
Ill just keep arguing for more money off until I get it or they end up paying me to take it lmao
18:24
what other guns ya got
are we losing hope for gtown lol
yeah i dont think gtown does A's this late unfortunately
18:25
it is like 630 on a friday there bud
18:25
think it is safe to say it aint happenin today\
damn it was a slow day today
BulbasaurNoLikeCardio
18:26
I got a custom built Leftie ar15 I run suppressed, a regular ar15, a .270 axis savage bolt gun, xd9, xd40 and have my AR10 I run suppressed.
BulbasaurNoLikeCardio
18:26
I do not think we will see a wave until after thanksgiving. Adcoms will be nice and not ruin someones thanksgiving with an R
18:28
ruin my thanksgiving law schools uwu
PerpetualCheerfulBeaver
18:53
I really thought a texas schools wave was going to hit today...guess it will be December 1
7Rings
19:00
No news is good news 😜
PerpetualCheerfulBeaver
19:10
the mentality im embracing
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