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. A guaranty of the payment of a debt is different from a guaranty of the collection of the debt. A guaranty of payment is absolute while a guaranty of collection is conditional.
Fulton Georgia Guaranty of Collection of Promissory Note is a legal document that outlines the obligations and liabilities of the guarantor regarding the collection of a promissory note in Fulton County, Georgia. This guarantee serves as security for the lender, ensuring the collection of the loan amount in case of default by the borrower. In Fulton County, Georgia, there are several types of Guaranty of Collection of Promissory Note, including: 1. Absolute Guaranty: This type of guaranty holds the guarantor fully responsible for the collection of the promissory note. The guarantor guarantees the payment of the outstanding loan amount regardless of any defenses or claims made by the borrower. 2. Limited Guaranty: Unlike an absolute guaranty, a limited guaranty restricts the guarantor's liability to a specific amount or a defined period. The guarantor is only responsible for a portion of the loan or for a specified timeframe. 3. Continuing Guaranty: A continuing guaranty extends the guarantor's liability beyond the original maturity date of the promissory note. This means that the guarantor remains responsible for the collection of the loan until it is fully repaid, even if the loan term is extended or modified. 4. Joint and Several guaranties: In cases where multiple guarantors are involved, a joint and several guaranties holds each guarantor individually liable for the full amount of the promissory note. This means that the lender can pursue any or all of the guarantors for the full payment. Fulton Georgia Guaranty of Collection of Promissory Note protects lenders by ensuring that they have recourse to collect repayment if the borrower defaults. It is essential for all parties involved to understand the terms and conditions set forth in the guaranty to avoid any potential misunderstandings or legal disputes. Disclaimer: This information is for educational purposes only and should not be considered as legal advice. It is recommended to consult with a qualified attorney or professional for specific legal guidance regarding Fulton Georgia Guaranty of Collection of Promissory Note.Fulton Georgia Guaranty of Collection of Promissory Note is a legal document that outlines the obligations and liabilities of the guarantor regarding the collection of a promissory note in Fulton County, Georgia. This guarantee serves as security for the lender, ensuring the collection of the loan amount in case of default by the borrower. In Fulton County, Georgia, there are several types of Guaranty of Collection of Promissory Note, including: 1. Absolute Guaranty: This type of guaranty holds the guarantor fully responsible for the collection of the promissory note. The guarantor guarantees the payment of the outstanding loan amount regardless of any defenses or claims made by the borrower. 2. Limited Guaranty: Unlike an absolute guaranty, a limited guaranty restricts the guarantor's liability to a specific amount or a defined period. The guarantor is only responsible for a portion of the loan or for a specified timeframe. 3. Continuing Guaranty: A continuing guaranty extends the guarantor's liability beyond the original maturity date of the promissory note. This means that the guarantor remains responsible for the collection of the loan until it is fully repaid, even if the loan term is extended or modified. 4. Joint and Several guaranties: In cases where multiple guarantors are involved, a joint and several guaranties holds each guarantor individually liable for the full amount of the promissory note. This means that the lender can pursue any or all of the guarantors for the full payment. Fulton Georgia Guaranty of Collection of Promissory Note protects lenders by ensuring that they have recourse to collect repayment if the borrower defaults. It is essential for all parties involved to understand the terms and conditions set forth in the guaranty to avoid any potential misunderstandings or legal disputes. Disclaimer: This information is for educational purposes only and should not be considered as legal advice. It is recommended to consult with a qualified attorney or professional for specific legal guidance regarding Fulton Georgia Guaranty of Collection of Promissory Note.
