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CONTINUING
GUARANTY
Classifi
cation ofG uaranty:
1. Personal -The guaranty given
PERSO N AL G U ARAN TY
In its broad sense, it is where a third
party
guarantees
the
financial
obligations of a person under a contract.
In lending, a Personal Guaranty is a
guaranty in which an individual agrees to
be
responsible
for
the
financial
obligations of a debtor or borrower to a
lender, in the event that the debtor or
borrower fails to pay an amount owing
under the loan agreement.
PERSO N AL CO N TIN U IN G
GU
ARAN
TY
A guaranty relating to a future
liability of the principal, under
successive transactions, which
either continue his liability or
from time to time renew it after
it as been satisfied.