collection guaranty


collection guaranty
A guaranty in which the signer guarantees to pay the bank only if the bank cannot obtain repayment through other means. American Banker Glossary

Financial and business terms. 2012.

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 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

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  • insurance — A contract whereby, for a stipulated consideration, one party undertakes to compensate the other for loss on a specified subject by specified perils. The party agreeing to make the compensation is usually called the insurer or underwriter; the… …   Black's law dictionary

  • insurance — A contract whereby, for a stipulated consideration, one party undertakes to compensate the other for loss on a specified subject by specified perils. The party agreeing to make the compensation is usually called the insurer or underwriter; the… …   Black's law dictionary

  • United States — a republic in the N Western Hemisphere comprising 48 conterminous states, the District of Columbia, and Alaska in North America, and Hawaii in the N Pacific. 267,954,767; conterminous United States, 3,022,387 sq. mi. (7,827,982 sq. km); with… …   Universalium

  • guarantee — gua·ran·tee /ˌgar ən tē, ˌgär / n [probably alteration of guaranty] 1: guarantor 2: guaranty (1) 3: an assurance that a condition will be fulfilled: as …   Law dictionary

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