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Simple English definitions for legal terms

guaranty fund

Read a random definition: accident policy

A quick definition of guaranty fund:

A guaranty fund is a special type of fund that is created to help people who have lost their money because a bank has become insolvent. The fund is usually created by collecting money from other banks through assessments. The money collected is then used to pay back the depositors of the insolvent bank. Guaranty funds were created before the federal deposit insurance system was established in 1933, and some states still have them to protect uninsured deposits.

A more thorough explanation:

A guaranty fund is a type of fund that is primarily raised by assessments on banks and used to pay the depositors of an insolvent bank. It is a private deposit-insurance fund that acts as a safety net for depositors in case a bank fails. Guaranty funds were established before the federal-deposit insurance, which began in 1933, and many funds continued until the savings-and-loan crisis in the 1980s.

For example, Massachusetts has a guaranty fund for uninsured deposits (deposits above $100,000) that are not covered by federal-deposit insurance. This fund is used to compensate depositors for their losses in case of a bank failure.

Another example is the client-security fund, which is established by a state or a state bar association to compensate persons for losses that they suffered because of their attorneys' misappropriation of funds or other misconduct.

These examples illustrate how guaranty funds are established to protect depositors and clients from financial losses due to the failure or misconduct of banks or attorneys.

guaranty contract | guaranty letter of credit

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Dkk
15:07
@bigroger100: No idea. Probably when they released last year unless they were supposed to release already.
BulbasaurNoLikeCardio
15:08
@Rightfullytherlauren: I am apparently a hot guy or just a slut cause I have had this before. If it is a FWB then you gotta follow the rules on that like wrapping your tool and such but if it is a casual fuck/bootie call they do not need to know if you are trying to find love and what you are doing when you are busy
BulbasaurNoLikeCardio
15:09
You just have to be smart and accept your choices, I know some people will believe a casual hook up or FWB is a regular exclusive thing. Communication is key if you are playing it that way but it is very dangerous to have multiple partners at the same time in a non-exclusive way
babycat
15:09
Yeah you should make it clear to them it's not exclusive
BulbasaurNoLikeCardio
15:10
I have been on the receiving/hurt end thinking it was exclusive when I was just her human dildo and it makes you feel bad.
babycat
15:11
Aw poor Bulbasaur
Dkk
15:11
In all of these situations described, the point of failure happened way before the emotional reality set in.
babycat
15:11
I'm like extremely monogamous at heart
babycat
15:12
I'm never dating or fucking more than one person at a time
babycat
15:12
But one time this guy I'd been dating for a little bit had a tinder notification come up on his phone and I flipped my shit lol
1a2b3c4d26z
15:12
Yea but isn't that just cheating
1a2b3c4d26z
15:12
If you're already dating
babycat
15:13
I mean like casual dating without a label
BulbasaurNoLikeCardio
15:13
My wife and I date girls together but we don't fuck unless it is going to be exclusive but having hot chick friends you can flirt with is great.
babycat
15:13
I also have hot chick friends I can flirt with
BulbasaurNoLikeCardio
15:13
@babycat: Tinder spams marketing messages so dude probably forgot to delete but either way he didn't deserve you so fuck him
babycat
15:14
That was actually it but I was mean to him for like two days about it anyways
Dkk
15:14
Yeah, I am going to bed. I am starting to feel tired. Goodnight.
15:14
Goodnight DK
Dkk
15:14
Thank you. Goodnight to you too.
babycat
15:14
don't let the bedbugs bite
Dkk
15:14
Yeah cus bed bugs can carry aids.
BulbasaurNoLikeCardio
15:14
The whole having a group of hot chick friends you can flirt with while going out is great. Makes for a fun and safer environment when drinking.
babycat
15:15
I love my hot chick friends. Don't know where I would be without them
15:15
Crazy story, I had dinner with the dad of a friend of mine and he just openly went on Tinder in front of me and the other guys. Later my mom ran into him with another woman (not his wife/friend's mom) and he got very uncomfortable and never texted her again
15:15
I can't imagine what it's like being a cheater or like a serial dater. Shit seems so nervewracking
BulbasaurNoLikeCardio
15:16
My wife and I have great and open communication but one night she kept asking me why this girl is blowing up my phone with messages/pictures so I showed her... she got a new puppy and got drunk so had her puppy doing a fashion shoot at 11pm.
babycat
15:16
Awwww
BulbasaurNoLikeCardio
15:17
I need more hot friends to hang with, the town we are in sucks butt for it and everyone seems shifty/flaky.
glovediedthisishismom
15:17
whoever was asking for an AU wave earlier fished their wish
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