conditional guaranty

A guaranty which imposes as a condition of the guarantor's liability, the happening of some contingent event other than the default of the principal debtor or the performance of some act on the part of the obligee. 24 Am J1st Guar § 16.

Ballentine's law dictionary. . 1998.

Look at other dictionaries:

  • 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

  • conditional — That which is dependent upon or granted subject to a condition. As to conditional acceptance conditional appearance conditional bequest conditional contract conditional delivery conditional devise conditional fee …   Black's law dictionary

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  • security — se·cur·i·ty /si kyu̇r ə tē/ n pl ties 1 a: something (as a mortgage or collateral) that is provided to make certain the fulfillment of an obligation used his property as security for a loan b: surety see also …   Law dictionary

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  • Document automation — (also known as document assembly) is the design of systems and workflow that assist in the creation of electronic documents. These include logic based systems that use segments of pre existing text and/or data to assemble a new document. This… …   Wikipedia

  • option — op·tion 1 / äp shən/ n 1: the power or right to choose; also: a choice made or available 2: a privilege of demanding fulfillment of a contract on any day within a specified time 3: a contract conveying in exchange for the payment of a premium a… …   Law dictionary

  • limited — I adjective angustus, bounded, brevis, checked, circumscribed, circumscriptive, confined, confining, constricted, controlled, cramped, curbed, definite, enclosed, fixed, hampered, impeded, insular, narrow, parvus, prescribed, restrained,… …   Law dictionary

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