22-01-01. Definitions.
63 words·~1 min read·
/nd/title-22/chapter-22-01-guaranty/22-01-01·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In this chapter, unless the context or subject matter otherwise requires:
1. A "continuing guaranty" means a guaranty relating to a future liability of the principal
under successive transactions which either continue the liability or from time to time
renew it after it has been satisfied.
2. A "guaranty" means a promise to answer for the debt, default, or miscarriage of
another person.