This is a pledge by a person to a bank to repay a debt if the bank's customer fails to pay it.
A legal document whereby an individual takes responsibility for payment of debt or performance of some obligation if the person/company primarily liable fails to perform.
An agreement by a person that they will pay a debt which would not otherwise be payable by them eg: a director of a company may agree to be personally liable for a companies debts• Guarantees
An agreement between the principal of a corporate borrower and a lender (or, in the case of factoring, the factor and the client) wherein the principal assumes liability for the obligations and performance of the corporation
an orange, an act only I can do by agreeing to be personally liable for a debt incurred in the corporate name
a pledge, by someone other than the named borrower, that he or she promises to pay any deficiencies on a specific loan
a promise by a business owner to hand over the owner's personal assets to a creditor if the business can't pay its debt and its assets are not worth enough to cover the debt
a promise by the guarantor to pay the landlord if the company or trust entering into the lease does not pay or fails to meet any of its other obligations under the lease
a way of making the directors personally liable for the obligations of the company or other legal business
Usually the owner(s) of a corporation cannot be held personally responsible for a corporation's debt. If a loan requires a personal guaranty it means that the lender is asking the owner to personally guarantee the debt should the corporation default.
A legally binding promise to make good a debt if the borrower defaults.
An agreement to make oneself liable or responsible to another for the payment of a debt, default or performance of a duty by a third party.
The guarantee of someone to be individually responsible for the obligations under the lease. Generally for Subchapter S closely held companies and small businesses, a leasing company may ask for a personal guaranty as a way to insure that the lease payments will be made.
A guarantee for repayment of a business’ debt made by an individual, typically an owner or key management member of a business.
A guarantee that the primary owner will assume personal responsibility for repayment of the loan, should the company not repay the loan.
An agreement in which a principal of a corporation assumes personal liability for the obligations of the corporation.
A type of security for an obligation, according to which the guarantor commits to the lender to be held liable for the performance of the borrower's obligation, in full or partially.
