Guaranty

Guarantee.

L. Fr. & Eng. A promise to answer for the payment of some debt, or the performance of some duty, in case of the failure of another person, who, in the first instance, is liable to such payment or performance.

Fell on Guaranties, 1.

3 Kent's Com. 121. — An engagement to be responsible for the debts or duty of a third person, in the event of his failure to fulfil his engagement.

Story on Contracts, § 852.

The primary meaning of guaranty is an undertaking to pay the debt of another in case he does not pay it.

24 Pick. R. 260, 262.

See U. S. Digest and Supplement, Guaranty. This word seems to be essentially the same with warranty; being scarcely distinguishable from garrantie and garranty, (qq. v.) the old French forms of that word. Guarantie is the form used by Mr. Fell in his Treatise. To GUARANTY (or GUARANTEE.) [L. Lat. guarentare, guarentisare.] To become responsible for the payment of money or the performance of a duty by another person; to warrant the payment of a debt or performance of a duty by another, who is primarily and properly liable to pay or perform it; to undertake that a person shall pay a certain debt or perform a certain duty to another, or, in case of failure on his part, that the party guaranteeing will himself pay the debt, or answer for the default. The obligation of a guaranty is essentially in the alternative, as is noticed by Britton in his definition of garaunter, (to warrant.) Britt. c.

75.

See Guaranty.

See Guaranty.