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LSDefine

Simple English definitions for legal terms

contingent guaranty

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A quick definition of contingent guaranty:

A contingent guaranty is a promise made by one person to pay a debt or perform a duty if another person fails to do so. This type of guaranty only becomes effective if a specific event happens. For example, if a person guarantees a loan for someone else, they will only have to pay if the borrower defaults on the loan. A guaranty is different from a warranty because it is a promise to pay or do something, it is collateral to the primary obligation, and it must be in writing.

A more thorough explanation:

A contingent guaranty is a type of guarantee where the guarantor will only be liable if a specific event occurs. It is commonly used in finance and banking contexts.

  • A father guarantees to pay his son's rent if the son loses his job. The father's liability is contingent on the son losing his job.
  • A bank guarantees to pay a loan if the borrower defaults. The bank's liability is contingent on the borrower defaulting.

These examples illustrate how a contingent guaranty works. The guarantor is only responsible for fulfilling their obligation if a specific event occurs, such as the borrower defaulting on a loan or the son losing his job. Until that event happens, the guarantor is not liable.

contingent fund | contingent-interest mortgage

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20:07
I am semi proficient in spanish.
20:08
nice same. This sounds bad but I do not like how spanish sounds.
20:09
or english for that matter
20:09
There is nothing wrong with that. I like all the languages. It is tones that annoy me.
20:10
and fabrics
20:14
@GalenMeric: Sorry, tones is what I meant. Are you a wool fabric fan?
20:40
I think my only wool piece is my suits, and I like those quite a bit.
21:11
Wool is the best fabric
21:12
I only buy wool, denim, leather, and loop wheel cotton
21:31
@NemoPropheta: Im on that polyester, nylon, spandex, rayon, and fleece grind fam
21:32
jk but fr: I was watching how to fold dress shirts so they do not wrinkle, and the dude did his folding on a wool blanket so that the wool fibers grabbed the cotton shirt (like velcro), that is smart asf
21:32
That is smart
21:33
I want a weatherwool blanket
21:33
But I hang my shirts but Ive heard arguments against it
21:34
Generally I fold knitwear and hang everything else
21:35
Cant wait to get that big law money and spend it all on clothes 🙏
21:37
@NemoPropheta: his point was to protect the collar at all costs, therefore fold most shirts. I HATE when collars be acting out, so I will adpot his method: https://www.youtube.com/shorts/QaVKudd36zc?feature=share
21:38
oh fr wearin a suit is so fun t. someone who wears a suit seldomly
21:40
Yeah that makes sense, I do hate when my collar stick out at the sides, I cant figure out how to iron them so they maintain their shape
21:48
collar stays may be the answer. also, shirt stays are goated
21:50
@NemoPropheta: those look so nice, but i feel like one spec of dirt or one crease will ruin ur week, even if the money means nothing?
23:18
Idk I like worm i
23:19
bruh
23:19
I like worn in leather, and dirt is easy enough to clean off*
OrangeThing
23:27
Am I still muted on here
OrangeThing
23:27
Oh I guess not
OrangeThing
23:27
Hello all
f$ll to MarqU baby
Ur-
0:34
@OrangeThing: Welcome back Renard99
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