A corporation is an artificial person that is created by governmental action. The corporation exists in the eyes of the law as a person, separate and distinct from the persons who own the corporation (i.e., the stockholders). This means that the property of the corporation is not owned by the stockholders, but by the corporation. Debts of the corporation are debts of this artificial person, and not of the persons running the corporation or owning shares of stock in it. The shareholders cannot normally be sued as to corporate liabilities. However, in this guaranty, the stockholders of a corporation are personally guaranteeing the debt of the corporation in which they own shares.
Bronx New York Continuing Guaranty of Business Indebtedness By Corporate Stockholders
Category:
State:
Multi-State
County:
Bronx
Control #:
US-01108BG
Format:
Word;
Rich Text
Instant download
Description
How to fill out Continuing Guaranty Of Business Indebtedness By Corporate Stockholders?
Drafting documents, such as Bronx Continuing Guaranty of Business Indebtedness By Corporate Stockholders, to oversee your legal matters is a challenging and time-intensive undertaking.
Numerous circumstances necessitate an attorney’s participation, which also renders this task not particularly economical.
Nonetheless, you have the option to take your legal concerns into your own hands and manage them independently.
The onboarding experience for new users is relatively straightforward! Here’s what you need to do before obtaining Bronx Continuing Guaranty of Business Indebtedness By Corporate Stockholders: Ensure that your document is tailored to your state/county as regulations for drafting legal documents may differ from one state to another.
- US Legal Forms is here to assist.
- Our platform offers over 85,000 legal documents tailored for a range of cases and life situations.
- We ensure each document adheres to the laws of each state, alleviating your worries about possible legal complications related to compliance.
- If you’re already acquainted with our website and hold a subscription with US, you’re aware of how simple it is to access the Bronx Continuing Guaranty of Business Indebtedness By Corporate Stockholders template.
- Just Log In, download the form, and adjust it to suit your requirements.
- Misplaced your form? No problem. You can locate it in the My documents section of your account - available on both desktop and mobile.
Form popularity
FAQ
A continuing guarantee applies to all the transactions entered into by the principal debtor until it is revoked by the surety. A continuing guarantee can be revoked anytime by surety for future transactions by giving notice to the creditors.
The mutual assent of two or more parties, competency to contract and valuable consideration. An offer to guarantee must be accepted, either by express or implied acceptance. If a surety's assent to a guarantee has been procured by fraud by the person to whom it is given, there is no binding contract.
A guaranty is the written promise of an individual to pay the debt of another. In a commercial setting, a guaranty is typically the promise of an owner or officer of a corporate entity to pay the debt of that corporate entity should it default on its obligation.
A continuing guaranty is an agreement by the guarantor to be liable for the obligations of someone else to the lender, even if there are several different obligations that are made, renewed or repaid over time. In contrast, a specific guaranty is limited only to one individual transaction.
Commercial guarantee means any undertaking by the seller or a producer (the guarantor) to the consumer, in addition to his legal obligation relating to the guarantee of conformity, to reimburse the price paid or to replace, Sample 1.
This is an irrevocable, unconditional joint and several and continuing guaranty of the Indebtedness, and the liability of each Guarantor hereunder is absolute.
A person who acts as a guarantor under a GUARANTEE. GUARANTY, contracts. A promise made upon a good consideration, to answer for the payment of some debt, or the performance of some duty, in case of the failure of another person, who is, in the first instance, liable to such payment or performance.
A continuing guaranty is a recognized exception to the rule that an action to foreclose a mortgage must be limited to the amount mentioned in the mortgage contract.
For value received, Guarantor guarantees performance of Obligor's obligations under the Lease in accordance with its terms and conditions.
