How Many Agreements Are Included In A Contract Of Guarantee

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In the event of the bankruptcy of the principal debtor, the guarantor may act in England against the liquidator`s estate, not only with respect to payments made before the bankruptcy of the principal debtor, but also, it seems, with respect to the possible liability to be paid under the guarantee. [64] If the creditor has already acted, the guarantor who made the secured debt usable is entitled to all dividends that the creditor receives from the trustee of the secured debt and instead of the creditor for future dividends. [65] The guarantee rights against the creditor may even be exercised in England by one of the principal debtors, but which, in the meantime, has become a guarantee by the agreement of its creditor. [66] In India, a guarantee may be verbal or written,[26] while it must be written in Australia, Jamaica and Sri Lanka. No specific phraseology is required for the form of a warranty. What distinguishes an insurance guarantee is not a difference between the words “insurance” and “guarantee” but the content of the contract entered into by the parties. [11] In the guarantee contract, the guarantee is co-extensive with that of the principal debtor. This means that security is responsible to the extent that the principal debtor is responsible. However, this does not mean that if, for whatever reason, the principal debtor cannot be held liable, the guarantee will also not be held liable. The contract between the creditor and the creditor is an independent contract and not a secondary contract.

For example, if the principal debtor is a minor, the level of guarantee is liable. The black law dictionary defines the guarantee as the assurance that a legal contract will be properly applied. A guarantee contract is governed by the Indian Contract Act of 1872 and consists of three parties with which one of the parties serves as collateral in the event that the defaulting party fails to meet its obligations. Bonding contracts are generally required in cases where a party needs credit, a loan or a job. The bond in these contracts assures the creditor that it is possible to trust the person in need and, in the event of a late payment, assumes the responsibility to pay. Thus, we can say that the guarantee contract is an invisible security given to the creditor and will be discussed Thus, any benefit that the debtor receives is an appropriate reflection for the commitment of the guarantee. But the previous reflection is not the counterpart of a guarantee contract. There must be a new reflection on the part of the creditor.

However, in England, before the creditor has filed a claim for collateral payment, the creditor may, once the principal debtor has become insolvent, compel the creditor to compensate him for expenses and expenses, to sue the principal debtor if the principal debtor is solvent and solvent. [57] and another similar means are also open to warranty in America. [58] In none of these countries or in Scotland, one of several guarantees, when pursued by the creditor for the entire guaranteed debt, cannot compel the creditor to spread its right over the guarantees and reduce it to the share and share of each guarantee. This beneficium divisionis, as it is called in Roman law, is however recognized by many existing codes. [59] The debts of a surety depend on those of the principal debtor, and if the principal debtor`s obligations also terminate the bond obligations[7], unless the principal debtor is dismissed by law enforcement. [8] The secondary nature of the security liability, as well as the fact that the guarantee is a contract to respond to late payments, debts or miscarriages; the guarantee differs decisively from the compensation. [9] If, for example.B. a person mistakenly considers a person to be liable to him and a guarantee is given on that erroneous basis, the guarantee is not valid under contract law because its constitution (which was responsible) has failed. [10] As a general rule, the guarantee is not liable if the principal debt cannot be executed.