What is the meaning of Guarantorship?
a person who makes certain that something happens or that something is protected: a person or organization that promises to pay back a loan (= borrowed money) if the person or organization that borrowed it cannot pay it back: His father is a guarantor on the loan.
What is the meaning of has integrity?
Having integrity means doing the right thing in a reliable way. It’s a personality trait that we admire, since it means a person has a moral compass that doesn’t waver. It literally means having “wholeness” of character, just as an integer is a “whole number” with no fractions.
What does integrity mean in medical terms?
[in-teg´rĭ-te] 1. soundness; freedom from serious flaws or impediments. 2. in bioethics, a virtue consisting of soundness of and adherence to moral principles and character and standing up in their defense when they are threatened or under attack.
What do you need to know about guarantor guarantees?
The guarantor must disclose the nature of the guarantee (terms, history, and events that would put the guarantor on the hook), the maximum potential liability under the guarantee, and any provisions that might enable the guarantor to recover any money paid out under the guarantee.
Can a company be the guarantor of more than one security?
Sometimes more than one company can be the guarantor on a security; in these cases, each guarantor is usually only responsible for a pro rata portion of the issue, but in other cases, each guarantor may be responsible for the other guarantors’ portions if they also default on their responsibilities.
How is a guarantor bound by a contract?
GUARANTOR, contracts. He who makes a guaranty. The guarantor is bound to fulfill the engagement he has entered into, provided the principal debtor does not. He is bound only to the extent that the debtor is, and any payment made by the latter, or release of him by the creditor, will operate as a release of the guarantor; 3 Penna. R.
What do you call someone who acts as a guarantor?
A guarantor acts as co-signer because they pledge their own assets or services in case the original debtor cannot perform their obligations. A guarantor is also someone that certifies the true likeness of an individual applying for a product or service. A guarantor is also known as a surety.