guarantor of payment

One who guarantees payment of a negotiable instrument when it is due without the holder first seeking payment from another party.

• A guarantor of payment is liable only if “payment guaranteed” or equivalent words are added to the guarantor’s indorsement. [Cases: Guaranty 35, 45, 77.]

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词条贡献者

资深译员Steven，毕业于美国一流的高级翻译学院，专注翻译各种与政府政策有关的法律文件。