Guaranty: meaning, definitions and examples
๐
guaranty
[ หษกษrษnti ]
legal agreement
A guaranty is a legal commitment made by one party to assume responsibility for the debt or obligations of another party if that party fails to meet their obligations. It is often used in financial transactions to provide assurance to lenders or creditors that they will be compensated in case of default. A guaranty must be in writing and signed to be enforceable under the law. In some situations, a guarantor may be required to provide collateral to secure the guaranty.
Synonyms
bond, guarantee, pledge, warranty.
Examples of usage
- The bank required a guaranty for the loan.
- She signed a guaranty to ensure her friend's lease agreement.
- As a guarantor, you are liable for any missed payments.
- A written guaranty can protect the lender's interests.
- They sought a guaranty from their parents before purchasing a home.
Translations
Translations of the word "guaranty" in other languages:
๐ต๐น garantia
๐ฎ๐ณ เคเคพเคฐเคเคเฅ
๐ฉ๐ช Garantie
๐ฎ๐ฉ jaminan
๐บ๐ฆ ะณะฐัะฐะฝััั
๐ต๐ฑ gwarancja
๐ฏ๐ต ไฟ่จผ
๐ซ๐ท garantie
๐ช๐ธ garantรญa
๐น๐ท garanti
๐ฐ๐ท ๋ณด์ฆ
๐ธ๐ฆ ุถู ุงู
๐จ๐ฟ zรกruka
๐ธ๐ฐ zรกruka
๐จ๐ณ ไฟ่ฏ
๐ธ๐ฎ garancija
๐ฎ๐ธ vรกtrygging
๐ฐ๐ฟ ะณะฐัะฐะฝัะธั
๐ฌ๐ช แแแ แแแขแแ
๐ฆ๐ฟ zaminษt
๐ฒ๐ฝ garantรญa
Etymology
The word 'guaranty' originated in the Middle English word 'garantie', from the Old French term 'garantie', which means 'a protection' or 'a warrant'. This French term is derived from the root verb 'garantir', meaning 'to protect' or 'to guarantee'. The Latin root 'guarantire' also contributed to its evolution, emphasizing obligations and promises. Over time, 'guaranty' has come to be a recognized legal term used primarily in the context of finance and contracts. It differentiates itself from 'guarantee', though often used interchangeably, the former typically denotes the formal written obligation required in legal and financial documents. Its usage has expanded to include various forms of assurance in different contexts, reflecting its integral role in legal protections and financial transactions.