Illinois Specific Guaranty
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How to fill out Specific Guaranty?
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FAQ
Also known as a guarantee. An agreement by which a party (the guarantor) assumes the responsibility for the payment or performance of an obligation or action of another party.
A guaranty agreement, in the realm of commercial insurance, refers to a legally binding contract where one party, known as the guarantor, promises to be responsible for the obligations or debts of another party, known as the debtor, if they fail to fulfill their financial commitments.
For purposes of administration and assessment, the Association must maintain 2 accounts: (1) The life insurance and annuity account, which includes the following subaccounts: (a) Life Insurance Account; (b) Annuity account, which shall include annuity contracts owned by a governmental retirement plan (or its trustee) ...
The Buyer's Guarantor acknowledges that it is the owner of the Buyer, and consequently it will benefit materially from the transactions contemplated by the Agreement, and thus it has received adequate consideration for its covenants, guarantees and agreements set forth herein.
The Illinois Insurance Guaranty Fund (IIGF) is a non-profit organization created by statute in July 1971. We were created to act as the ?safety net? for Illinois property and casualty insurance companies and their policyholders.
In a finance or lending context, a guarantor would be forced to answer for the debt or default of the debtor to the creditor, if a debtor does not fulfill an obligation on their part to repay their debt.
The usual way that a guaranty is enforced is through a written demand (although this is not usually required in most forms) followed by the filing of a law suit. If the guarantor has pledged collateral to secure the guaranty obligation, foreclosure proceedings against that will often be commenced.
In Illinois, a guaranty is simply a contract where a guarantor promises to pay the debts of a ?principal? (the main debtor) to a third party creditor. A guaranty is construed like any other contract and a guarantor is given the benefit of any doubts that may arise from the language of a guaranty.
