Virginia Assignment of Principal Obligation and Guaranty

State:
Multi-State
Control #:
US-1089BG
Format:
Word; 
Rich Text
Instant download

Description

A guaranty is a contract under which one person agrees to pay a debt or perform a duty if the other person who is bound to pay the debt or perform the duty fails to do so. Usually, the party receiving the guaranty will first try to collect or obtain performance from the debtor before trying to collect from the one making the guaranty (guarantor).

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FAQ

The benefit of guarantees can be assigned to a third party.

"Personal interest in a contract" means a personal interest that an officer or employee has in a contract with a governmental agency, whether due to his being a party to the contract or due to a personal interest in a business that is a party to the contract.

The lender may assign all or part of the guaranteed portion of the loan to one or more holders by using an Assignment Guarantee Agreement.

§ 49-25. Such written notice shall also notify the creditor, his committee or personal representative, that failure to act will result in the loss of the surety, guarantor or endorser, his committee or personal representative as security for the debt in ance with § 49-26.

The usual way that a guaranty is enforced is through a written demand (although this is not usually required in most forms) followed by the filing of a law suit.

§ 64.2-1602. A power of attorney created under this chapter is durable unless it expressly provides that it is terminated by the incapacity of the principal.

The Guarantor may not assign, transfer or part with any of its rights or obligations under this Guarantee and Indemnity or any of the Relevant Lease Documents without the prior written consent of the Lessor. Assignment by Guarantor.

In a finance or lending context, a guarantor would be forced to answer for the debt or default of the debtor to the creditor, if a debtor does not fulfill an obligation on their part to repay their debt.

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Virginia Assignment of Principal Obligation and Guaranty