Agreement Guarantee

The definition of the guarantee contract is common in real estate and financial transactions. This is the agreement of a third party designated as guarantor to guarantee payment in the event that the party to the transaction does not respect the end of the agreement. For example, if a homeowner does not pay the mortgage, the bank will look at the guarantors to settle the mortgage agreement. The death of a proof does not in itself determine the guarantee, but unless the guarantee is irrevocable by the guarantee itself, it may be revoked after death by express notification or by the creditor who receives constructive notification of death; Unless the executor has the opportunity to pursue the guarantee in accordance with the deceased`s will, the executor should expressly withdraw the guarantee to terminate it. If one of the common and several safeguards is dying, the future responsibility of the survivors will continue, at least until it has ended with an express notification. However, in such a case, the estate of the deceased would be exempt from liability. The statute of limitations may be the right to take action against the guarantees that are prescribed by law in each state where the guarantee is to be applied. The usual procedure for applying liability in the context of a guarantee in England is an action before the High Court or County Court. The creditor is also permitted to compensate or compensate the creditor in the case of a security action against him. On the other hand, the guarantee can now benefit, in any jurisdiction in which the guarantee appeal is pending, any compensation that may exist between the principal debtor and the creditor.

If one of several guarantees for the same debt is pursued by the creditor or its guarantee, it may request, through a third-party complaint, a contribution from its co-guarantee to the shared liability. Independent proof of the bond`s liability must always be provided during the negotiation. The creditor cannot rely on confessions or judgments or arbitration decisions against the principal debtor. [60] [61] A guarantee is entitled to a co-guarantee for its common liability. This particular right is not the result of a contract, but is based on the equality of the burdens and benefits of participation and insists that the security is in solidarity or solidarity and linked by the same instruments or by other instruments. However, there is no contribution right if each guarantee is linked repeatedly for a given part of the guaranteed debt; or in the case of a guarantee of a guarantee; [71] if a person becomes with another and, at the request of the person, a guarantee. The contribution can be applied either before payment or if the right to the guarantee has paid more than its share of the common debt; [72] and the recomerable quantity is now still regulated by the number of solvent guarantees, although this rule previously only prevailed in equity. In the event of a bankruptcy of a guarantee, it can be proved against its succession by a co-guarantee of a possible surplus of the contribution quota.