LRC Reports

Guarantees of Consumer Debts (1979)

Keywords: guarantee; guarantor; consumer; debt; indemnity; negotiable instrument; surety; reimbursement; disclosure; security; subrogation; exoneration; minor; quia timet; discharge; contract; liability; exclusion; contracting out; waiver

A creditor often seeks protection from a potential default by a debtor by demanding that a third party undertake to make good any default that might occur. This third party is called a guarantor; the agreement with the creditor is a guarantee. This project is concerned with the special considerations involved when an individual guarantees a consumer debt.

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