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Legal Forms Glossary

Specific Guaranty

A guaranty is an agreement in which one party (the guarantor) promises that if a borrower doesn't pay back its loan, the guarantor will make payments on the borrower's behalf. In a specific guaranty, the guarantor agrees to back up only a particular promissory note or loan. The guarantor does not ensure repayment of all of the borrower's obligations to the lender.