MLchartDataset catalogue

Guaranty

Term · Law · MLC-T-LAW-002372

A collateral undertaking by one person to be answerable for the payment of a debt or the performance of a duty by another person. It is a secondary obligation that becomes enforceable only upon the default of the primary obligor. A guaranty must typically be in writing to be enforceable under the Statute of Frauds.

Table 1. Record
IdentifierMLC-T-LAW-002372
FieldLaw
Record as JSON 
{
  "id": "MLC-T-LAW-002372",
  "term": "Guaranty",
  "field": "Law",
  "definition": "A collateral undertaking by one person to be answerable for the payment of a debt or the performance of a duty by another person. It is a secondary obligation that becomes enforceable only upon the default of the primary obligor. A guaranty must typically be in writing to be enforceable under the Statute of Frauds.",
  "url": "https://mlchart.com/terminology/law/guaranty/"
}

Record 2,286 of 5,441 in Law terminology (MLC-0107). Request the full dataset.