The Jolly Contrarian

Template:Continuing guarantee description: Difference between revisions

Template Discussion

Template:Continuing guarantee description (view source)

Revision as of 14:35, 27 June 2018

4 bytes removed ,  27 June 2018
no edit summary
No edit summary
No edit summary
 
(One intermediate revision by the same user not shown)
Line 1: Line 1:
'''[[Continuing guarantee]]''': A continuing [[guarantee]] is one where the guarantor assumes liability for all the debtor's past, present and future obligations to a creditor. Even where the amount owing has been paid in full, the guarantor can still be liable under the same facility if there is a subsequent indebtedness. This is useful for revolving credit facilities and other forms of indebtedness with a "now you see it, now you don't" sort of a flavour to them.
A [[continuing guarantee]] is one where the [[guarantor]] assumes liability for all the [[debtor]]’s past, present and future obligations to a [[creditor]]. Even where the amount owing has been paid in full, the [[guarantor]] can still be liable under the same facility if there is a subsequent indebtedness. This is useful for revolving credit facilities and other forms of [[indebtedness]] with a “now you see it, now you don’t” sort of a flavour to them.


This is to overcome a principle articulated in {{casenote|Devaynes|Noble}} that payments are presumed reduce debts in the order in which the debts are incurred.
This is to overcome a principle articulated in {{casenote|Devaynes|Noble}} that payments are presumed reduce debts in the order in which the debts are incurred.
Retrieved from "https://jollycontrarian.com/index.php?title=Special:MobileDiff/10228...23824"