Guarantee
A Law Dictionary, Adapted to the Constitution and Laws of the United States · John Bouvier · 1839
A Law Dictionary, Adapted to the Constitution and Laws of the United States
contracts. He to whom a guaranty is made., The guarantee is entitled to receive payment in the first place from the debtor, and, secondly, from the guarantor. He must be careful not to give time beyond that stipulated in original agreement, to the debtor, without the consent of the guarantor; the guarantee should, at the instance of the guarantor, bring an action against the: principal for the recovery of the debt: 2 Johns. Ch. R. 554; 17 Johns. R. 384; 8 Serg. & Rawle, 116; 10 Serg. & Rawle, 33; 2 Bro. C. C. 579, 582; 2 Ves. jr.
542.
But the mere omission of the guarantee to sue the principal debtor will not in general discharge the guarantor.
8 Serg. & Rawle, 112; 3 Yeates, R. 157;; 6 Binn. R. 292, 300.