Search results
Results From The WOW.Com Content Network
In legal terminology, the giver of a guarantee is called the surety or the "guarantor". The person to whom the guarantee is given is the creditor or the "obligee"; while the person whose payment or performance is secured thereby is termed "the obligor", "the principal debtor", or simply "the principal". [1] Sureties have been classified as follows:
Traditionally, an English law guarantee is a secondary, conditional obligation: It is a promise to pay (or perform) the obligations of a distinct obligor should the obligor itself fail to perform. Therefore: The beneficiary of the guarantee must first prove the obligor's default before the guarantor becomes liable to pay.
Public official bonds guarantee the honesty and faithful performance of those people who are elected or appointed to positions of public trust. Examples of officials sometimes requiring bonds include: notaries public, treasurers, commissioners, judges, town clerks, law enforcement officers, and credit union volunteers. [citation needed]
The guarantor might extend the guarantee to all or a portion of the loan. The guarantee protects the lender, not the borrower. Ultimately, the guarantee allows the lender to more confidently ...
A loan guarantee, in finance, is a promise by one party (the guarantor) to assume the debt obligation of a borrower if that borrower defaults. A guarantee can be limited or unlimited, making the guarantor liable for only a portion or all of the debt.
A personal guarantee is a promise made by a person or an organization (the guarantor) to accept responsibility for some other party's debt (the debtor) if the debtor fails to pay it. In the case of a personal guarantee made by an individual on behalf of another, the person who makes the personal guarantee is usually referred to as a co-signer ...
The company limited by guarantee typically does not itself provide client-facing services. The Big Four accountancy firms (Deloitte, [8] Ernst & Young, [9] KPMG, [10] and PriceWaterhouseCoopers [11]) are each organized using this structure. Some law firms also use this structure to establish an internationally branded presence.
The security agreement sets out the various rights the grantee will have with respect to the collateral, which are in addition to all other rights which the lender may have by law, such as those rights contained in Article 9 of the Uniform Commercial Code which has been adopted in some form by each state in the United States. The Security ...