absolute guaranty
An unconditional undertaking on the part of the guarantor that the debtor will pay the debt or perform the obligation. 24 Am J1st Guar § 16; Anno: 53 ALR2d 525. A contract of guaranty is absolute where one absolutely guarantees the payment of money to another, where the amount of the payment is certain and definite, and where the time of payment is likewise determined certainly. Schulderberg-Kurdle Co. v Trice, 198 Va 85, 92 SE2d 374, 57 ALR2d 1204.

Ballentine's law dictionary. . 1998.

Look at other dictionaries:

  • guaranty — guar·an·ty / gar ən tē, gär / n pl ties [Old French garantie, from garantir to guarantee, from garant warrant] 1: a pledge to pay another s debt or to perform another s duty in case of the other s default or inadequate performance compare letter… …   Law dictionary

  • guaranty — 1. v. To undertake collaterally to answer for the payment of another s debt or the performance of another s duty, liability, or obligation; to assume the responsibility of a guarantor; to warrant. See guaranty noun, 2. n A collateral agreement… …   Black's law dictionary

  • guaranty — 1. v. To undertake collaterally to answer for the payment of another s debt or the performance of another s duty, liability, or obligation; to assume the responsibility of a guarantor; to warrant. See guaranty noun, 2. n A collateral agreement… …   Black's law dictionary

  • guaranty — An undertaking or promise, on the part of one person called the guarantor, which is collateral to a primary or principal obligation on the part of another, and which binds the guarantor to performance in the event of nonperformance by such other… …   Ballentine's law dictionary

  • absolute — Complete; perfect; final; without any condition or incumbrance; as an absolute bond (simplex obligatio) in distinction from a conditional bond. Unconditional; complete and perfect in itself; without relation to or dependence on other things or… …   Black's law dictionary

  • absolute — Complete; perfect; final; without any condition or incumbrance; as an absolute bond (simplex obligatio) in distinction from a conditional bond. Unconditional; complete and perfect in itself; without relation to or dependence on other things or… …   Black's law dictionary

  • guaranty of collection — A guaranty which is not absolute but implies that the creditor will make diligent effort to enforce the collection of the obligation from the principal debtor. To be distinguished from a guaranty of payment. 24 Am J1st Guar § 17 …   Ballentine's law dictionary

  • liberty of contract — The right to make a contract and the right to terminate a contract subject only to civil liability for unwarranted termination, both of which rights are protected by the United States Constitution. 16 Am J2d Const L § 373. The right to acquire… …   Ballentine's law dictionary

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