The analysis of surety based on assurance and guarantee
Author(s):
Abstract:
Sureties are subsidiary guarantees which are subordinate to the principal ones and seek to gain obligees trust on obligors credit and his/her lack of infringement in fulfilling the obligation. To achieve this purpose, they provide a guarantee or, in other words, an extra sanction in addiction to legal sanctions for the debtors insolvency and obligors infringement of fulfilling a guarantee.
In order to provide the sanction regarding obligors infringement of his/her obligation, sometimes the guarantor himself undertakes the obligation. Such guarantees are commonly exemplified by different types of guaranteeing someone elses debts. In some cases, the guaranteed obligation itself cannot be undertaken and the guarantor has to undertake the consequences of obligors infringement to guarantee such obligation. Security against fault in title, guarantee of trustees encroachment and waste, and good performance bond are the examples of aforementioned case.
Transfer of debt and guarantee are two distinct legal institutions which are not mutually exclusive. Moreover, personal guarantee is different from joint and several liability. In the latter, the creditor does not solely seek a sanction, but he/she aims at having two place of performance for the obligation.
In order to provide the sanction regarding obligors infringement of his/her obligation, sometimes the guarantor himself undertakes the obligation. Such guarantees are commonly exemplified by different types of guaranteeing someone elses debts. In some cases, the guaranteed obligation itself cannot be undertaken and the guarantor has to undertake the consequences of obligors infringement to guarantee such obligation. Security against fault in title, guarantee of trustees encroachment and waste, and good performance bond are the examples of aforementioned case.
Transfer of debt and guarantee are two distinct legal institutions which are not mutually exclusive. Moreover, personal guarantee is different from joint and several liability. In the latter, the creditor does not solely seek a sanction, but he/she aims at having two place of performance for the obligation.
Keywords:
Language:
Persian
Published:
Islamic Law Journal, Volume:14 Issue: 1, 2017
Pages:
41 to 68
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