Assignment of Principal Obligation and Guaranty
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Category:
State:
Multi-State
Control #:
US-1089BG
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Available formats: Word | Rich Text
Description
A guaranty is a contract under which one person agrees to pay a debt or perform a duty if the other person who is bound to pay the debt or perform the duty fails to do so. Usually, the party receiving the guaranty will first try to collect or obtain performance from the debtor before trying to collect from the one making the guaranty (guarantor).
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