|
|
|||||||||||||||||||||||||||||||||
| Definitions | Initials | To take part | Leading Team | Directory |
| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z |
Definitions
Directory
Dictionary > Definitions > Economy > Joint and several guarantee
Joint and several guarantee
Definition
The Joint and several guarantee of a private individual can be accepted in guarantee of a Credit by certain lenders. The person who goes Caution engages to pay in the place of the person which is guaranteed, in the event of failure in the refunding of the
Description
It is not a question of a moral engagement, but of an act which can be full of consequences for the personal situation of the Guarantee The law provided that the act of guarantee respects a certain number of forms, hardly of nullity: it must be written, it must contain a certain number of written obligatory mentions of the hand of the Guarantee its nature must be clearly specified simple Caution or Joint and several guarantee ). Moreover, a Credit institution will not be able to be prevailed of an engagement which was obviously disproportionate compared to the incomes or the inheritance of the Guarantee at the time of the signature of the act.
Author
Md.khurshed Amal
Author Email
mk_alamcce@yahoo.com
References
Definitions to be consulted