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Rent guarantee insurance is a form of underwriting through which landlords can be protected against loss of rent if the lessee defaults. Globally, most firms offer this protection through regulated insurance companies, to ensure that the provider can make good on promises of payment.
The loans are made by private lenders with the caveat that the government will pay off the loans if the company defaults on them. Chrysler did not go into default. Another example was the creation of the Emergency Loan Guarantee Board to administer $250 million in US government loan guarantees made to private lenders on behalf of Lockheed in 1971.
Usually, a surety bond or surety is a promise by a person or company (a surety or guarantor) to pay one party (the obligee) a certain amount if a second party (the principal) fails to meet some obligation, such as fulfilling the terms of a contract. The surety bond protects the obligee against losses resulting from the principal's failure to ...
The economic value of bond insurance to the governmental unit, agency, or other issuer of the insured bonds or other securities is the result of the savings on interest costs, which reflects the difference between yield payable on an insured bond and yield payable on the same bond if it was uninsured—which is generally higher.
This distinction between indemnity and guarantee was discussed as early as the eighteenth century in Birkmyr v Darnell. [6] In that case, concerned with a guarantee of payment for goods rather than payment of rent, the presiding judge explained that a guarantee effectively says "Let him have the goods; if he does not pay you, I will." [7]
Alex moves overseas and ceases to make payments. The bank is entitled to sue Bobbie for the full amount. However the creditor has only one cause of action; i.e., they can sue for each debt only once. If the claim fails against one party, the bank cannot go on to sue any of the others.