California Specific Guaranty
Description
How to fill out Specific Guaranty?
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FAQ
Remember, if a personal guarantee is used, the principal is personally liable if a default occurs. It gives creditors a legal right to all of an individual's pledged personal assets.
While the terms guaranty and surety are commonly substituted for one another, a guaranty is an identifiable subset of surety. Thus, the broad application of surety law applies to personal guaranties. Generally the law requires written evidence of the promise to answer for the debt of another.
The completion guarantor typically guarantees the following: (1) the lien-free completion of designated improvements by the contractual deadline and in ance with the plans and specifications, applicable law, the loan documents, and other relevant contracts; (2) payment of all costs of design and construction of ...
In essence, the guarantee contract is collateral to the principal contract. Its enforceability arises when the contingency is met. The contingency, of course, is that the principal debtor has defaulted.
CONSIDERATION As noted in the article on Contracts, to be binding either some form of consideration must be paid to a party, or reasonable reliance and detriment must be shown for the relying party.
Personal guarantees are usually enforceable. The typical route would be for the lender to demand repayment and then if payment is not received, to take legal action, to seek a court judgment and then enforce the personal guarantee.
Insist on Absolute and Unconditional Liability Holding the guarantor absolutely and unconditionally liable for the debt is also very important. What this means is that the guarantor promises to pay or perform the obligations of the debtor as soon as the debtor defaults.
The lender could seize your personal assets to cover the debt. In other words, the lender could come after your home, personal savings, investment assets and more to make sure they get repaid. While negotiating the loan, you can ask to exclude specific assets from the personal guarantee.
