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Legal Terms
Term: guarantor
1.
A person who makes a guarantee or gives security for a debt.
A guarantor’s liability arises when the principal is in default, whereas a surety’s liability stands and falls with the liability of their principal, on the same instrument.
Usage: The guarantor was called upon to satify the debt upon the failure to discharge by the debtor.
Related Words: guarantee; instrument; performance bond; surety; debenture.
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