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Legal Dictionary

guaranty

Legal Definition of guaranty

Noun

  1. A pledge to pay another's debt or to perform another's duty in case of the other's default or inadequate performance
  2. Guarantor
  3. Something given as security: "pledge"
  4. The protection of a right afforded by legal provision (as in a constitution).

Definition of guaranty

Etymology

    From Anglo-Norman guarantie. Compare guarantee, warranty.

Pronunciation

  • (UK) IPA: /ˈɡaɹənti/

Noun

guaranty (plural guaranties)

  1. (law) An undertaking to answer for the payment of some debt, or the performance of some contract or duty, of another, in case of the failure of such other to pay or perform; a warranty; a security.
  2. Something serving as a security for such an undertaking.

    * 1864, Various, The Atlantic Monthly, Volume 14, No. 85, November, 1864:
    No doubt the city of New York and the State of California contain capital enough for the completion of the entire road,--would subscribe to it, too, upon sufficient guaranties.

  3. An assurance or guarantee

    * 1904, Olive Tilford Dargan, Semiramis and Other Plays:
    America has sent us guaranties She will demand that Maximilian Be held but as a prisoner of war.

Verb

to guaranty (third-person singular simple present guaranties, present participle guarantying, simple past and past participle guarantied)

  1. Obsolete spelling of guarantee.

    * 1742, Samuel Johnson, The Works of Samuel Johnson, Vol. 6:
    His imperial majesty likewise guaranties to the king of Prussia the perpetual possession of upper Silesia; and the king guaranties to the emperour the perpetual possession of upper Austria, as soon as he shall have occupied it by conquest."

Usage

There are several uses of the word "guarantee" in today's parlance, however the following should be used in legal documents. Guaranty is the actual document containing language of assurance. Guarantor is the entity giving the guaranty and guarantee is the entity receiving the guaranty. Following conventional English spelling rules, therefore, the plural of guaranty or verb usage of the word should be guaranties, as in "The seller (guarantor) guaranties something to the buyer (guarantee)."

References:

  1. Wiktionary. Published under the Creative Commons Attribution/Share-Alike License.



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