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Login or Register. Save Word. Log In. Definition of guaranteed. First Known Use of guaranteed , in the meaning defined at sense 1.
Keep scrolling for more. Learn More about guaranteed. On the other hand, the surety may now, in any court in which the action on the guarantee is pending, avail himself of any set-off which may exist between the principal debtor and the creditor.
Moreover, if one of several sureties for the same debt is sued by the creditor or his guarantee, he can, by means of a third-party complaint, claim contribution from his co-sureties towards the common liability.
Independent proof of the surety's liability under his guarantee must always be given at the trial. The creditor cannot rely on admissions made by or a judgment or award against the principal debtor.
A person liable as a surety for another under a guarantee possesses rights against the person to whom the guarantee was given. As regards the surety's rights against the principal debtor, where the guarantee was made with the debtors consent but not otherwise,  after he has made default, be compelled by the surety to exonerate him from liability by payment of the guaranteed debt.
In the event of the principal debtor's bankruptcy, the surety can in England act against the bankrupt's estate, not only in respect of payments made before the bankruptcy of the principal debtor, but also, it seems, in respect of the contingent liability to pay under the guarantee.
The surety's principal right against the creditor entitles him, after payment of the guaranteed debt, to the benefit of all securities which the creditor held against the principal debtor.
If the creditor has lost these securities by default or laches or rendered them otherwise unavailable, the surety is discharged pro tanto.
This right, which is not in abeyance till the surety is called on to pay extends to all securities, whether satisfied or not.
A surety is entitled to contribution from a co-surety in respect of their common liability. This particular right is not the result of any contract, but is derived from an equity , on the ground of equality of burden and benefit, and exists whether the sureties be bound jointly, or jointly and severally, and by the same, or different, instruments.
There is, however, no right of contribution where each surety is severally bound for a given portion only of the guaranteed debt; nor in the case of a surety for a surety;  nor where a person becomes a surety jointly with another and at the latter's request.
Contribution may be enforced, either before payment, or as soon as the surety has paid more than his share of the common debt;  and the amount recoverable is now always regulated by the number of solvent sureties, though formerly this rule only prevailed in equity.
In the event of the bankruptcy of a surety, proof can be made against his estate by a co-surety for any excess over the latter's contributive share.
The right of contribution is not the only right possessed by co-sureties against each other, but they are also entitled to the benefit of all securities which have been taken by any one of them as an indemnity against the liability incurred for the principal debtor.
The Roman law did not recognize the right of contribution among sureties. It is, however, sanctioned by many existing codes.
The most prolific ground of discharge of a guarantor usually arises from the creditor's conduct. The governing principle is that if the creditor violates any rights which the surety possessed when he entered into the suretyship, even though the damage is only nominal , the guarantee cannot be enforced.
The surety's discharge may be accomplished 1 by a variation of the terms of the contract between the creditor and the principal debtor, or of that between the creditor and the surety;  2 by the creditor taking a new security from the principal debtor in lieu of the original one; 3 by the creditor discharging the principal debtor from liability; 4 by the creditor binding himself to give time to the principal debtor for payment of the guaranteed debt; or 5 by loss of securities received by the creditor in respect of the guaranteed debt.
The first four of these acts are collectively termed a novation. In general whatever extinguishes the principal obligation necessarily determines that of the surety, not only in England but elsewhere.
The death of a surety does not per se determine the guarantee, but, save where from its nature the guarantee is irrevocable by the surety himself, it can be revoked by express notice after his death, or by the creditor becoming receiving constructive notice of the death; except where, under the testator's will , the executor has the option of continuing the guarantee, in which case the executor should specifically withdraw the guarantee in order to terminate it.
If one of a number of joint and several sureties dies, the future liability of the survivors continues, at least until it has been terminated by express notice.
In such a case, however, the estate of the deceased surety would be relieved from liability. The statute of limitations may bar the right of action on guarantees subject to variation by statute in any U.
From Wikipedia, the free encyclopedia. For other uses, see Guarantee disambiguation. This article needs attention from an expert in law.
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December Main article: Statute of frauds. Main articles: Contract , Offer and acceptance , and Meeting of the minds. Main article: Legal liability.
North and South Wales Bank, 6 App. See Stacey v. Hill, I KB See Bateson v. Gosling, L. Lakeman, L. Heath-Seaton v. Burnand, I QB , , C.
Denton, 2 Ch. Mortgage Insurance Corporation, I Q. Barnard, 1 M. West Riding Union Banking Co. Freeman, 3 T. Dudlow, L. Martin, , I K. Conrad, , 2 Q.
Darnell, 1 Sm. Iith ed. Martin, I K. Besides, even if their financial support were guaranteed , at present a more serious obstacle would present itself.
Are you learning new vocabulary? Or do you just have an interest in words? Either way, this quiz is for you. Origin of guarantee First recorded in —80; alteration of guaranty.
Words nearby guarantee guar gum , guar. Words related to guaranteed assured , sure-fire , insured , protected , approved , secured , confirmed , sealed , warranted , bonded , plighted , ascertained , certified , attested , affirmed , sure.
Example sentences from the Web for guaranteed So these fighters were not guaranteed the same protections afforded POWs.Professional Landscaping and fiberglass swimming pools services. We provide lawn, landscape, irrigation and pest service maintenance. Guranteed 2-day Logo Design! Wie check this out Sie die Qualität der Designer? Unbeschränkte Nutzungsrechte sowie alle nötigen Dateien zur sofortigen Verwendung. Was passiert zum Ende eines Wettbewerbs? Wie lange dauert es? We provide lawn, landscape, irrigation and pest service maintenance. Kann Guranteed direkt mit einem Designer meiner Wahl zusammenarbeiten, um ein Logo zu erhalten? I can't guarantee. Your feedback:. Hier ist noch Platz für More info Design-Wettbewerb! Marquinhos Mid Level 5. Professional Landscaping and fiberglass swimming pools services. Der Name bürgt für Qualität.