co-guarantor(s)

co-guarantor(s)
A guarantor undertakes that he will repay a debt incurred by another person or company to a bank or other creditor, and the bank or other creditor can require him to pay the outstanding amount if that person cannot or will not pay their indebtedness. Proprietors and directors of companies are often asked to give personal guarantees for their company's borrowings to provide additional security. A bank will commonly require the guarantee to be secured, for example by a mortgage over a director's house. In the case of co-guarantors, each guarantor will be fully liable for the outstanding amount - liability is usually joint and several and it is up to guarantors to resolve their respective obligations between themselves.

Easyform Glossary of Law Terms. — UK law terms.

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  • guarantor — guar·an·tor /ˌgar ən tȯr, ˌgär ; gar ən tər, gär / n: one that makes or gives a guaranty Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. guarantor …   Law dictionary

  • guarantor — An individual or a corporation that guarantees the debt of another. (Bernstein s Dictionary of Bankruptcy Terminology) A person who pledges collateral for the contract of another or who guarantees to pay a certain debt of a debtor if the debtor… …   Glossary of Bankruptcy

  • Guarantor — Guar an*tor , n. [See {Guaranty}, and cf. {Warrantor}.] (Law) (a) One who makes or gives a guaranty; a warrantor; a surety. (b) One who engages to secure another in any right or possession. [1913 Webster] …   The Collaborative International Dictionary of English

  • guarantor — 1853, from GUARANTEE (Cf. guarantee) with Latinate agent noun suffix or substituted for ee …   Etymology dictionary

  • guarantor — surety, *sponsor, patron, backer, angel Analogous words: *guarantee …   New Dictionary of Synonyms

  • guarantor — is a person, bank, etc., that gives a guarantee or guaranty …   Modern English usage

  • guarantor — ► NOUN ▪ a person or organization that gives or acts as a guarantee …   English terms dictionary

  • guarantor — [gar′ən tôr΄, gar΄ən tôr′] n. a person who makes or gives a guaranty or guarantee …   English World dictionary

  • guarantor — A party who will guarantee repayment or performance of a covenant. Bloomberg Financial Dictionary The person who undertakes to pay to HM Customs and Excise a sum of money up to the level of a guarantee, for example a bank or a building society.… …   Financial and business terms

  • guarantor — UK [ˌɡærənˈtɔː(r)] / US [ˌɡerənˈtɔr] / US [ˈɡerəntər] noun [countable] Word forms guarantor : singular guarantor plural guarantors formal someone who makes an official agreement to be responsible for money that someone else owes, or for someone… …   English dictionary

  • Guarantor — A person who guarantees to pay for someone else s debt if he or she should default on a loan obligation. Usually, people with poor credit can only get a loan if they have a guarantor …   Investment dictionary

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