15 USC 68g – Guaranty
(a) Avoidance of liability; requirements
No person shall be guilty under section 68a of this title if he establishes a guaranty received in good faith signed by and containing the name and address of the person residing in the United States by whom the wool product guaranteed was manufactured and/or from whom it was received, that said wool product is not misbranded under the provisions of this subchapter.
Terms Used In 15 USC 68g
- commerce: means commerce among the several States or with foreign nations, or in any Territory of the United States or in the District of Columbia, or between any such Territory and another, or between any such Territory and any State or foreign nation, or between the District of Columbia and any State or Territory or foreign nation. See 15 USC 68
- Commission: means the Federal Trade Commission. See 15 USC 68
- Federal Trade Commission Act: means the Act of Congress entitled "An Act to create a Federal Trade Commission, to define its powers and duties, and for other purposes" approved September 26, 1914, as amended, and the Federal Trade Commission Act approved March 21, 1938. See 15 USC 68
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- person: means an individual, partnership, corporation, association, or any other form of business enterprise, plural or singular, as the case demands. See 15 USC 68
- wool: means the fiber from the fleece of the sheep or lamb or hair of the Angora or Cashmere goat (and may include the so-called specialty fibers from the hair of the camel, alpaca, llama, and vicuna) which has never been reclaimed from any woven or felted wool product. See 15 USC 68
- wool product: means any product, or any portion of a product, which contains, purports to contain, or in any way is represented as containing wool or recycled wool. See 15 USC 68
Said guaranty shall be either (1) a separate guaranty specifically designating the wool product guaranteed, in which case it may be on the invoice or other paper relating to said wool product; or (2) a continuing guaranty filed with the Commission applicable to all wool products handled by a guarantor in such form as the Commission by rules and regulations may prescribe.
(b) Furnishing false guaranty
Any person who furnishes a false guaranty, except a person relying upon a guaranty to the same effect received in good faith signed by and containing the name and address of the person residing in the United States by whom the wool product guaranteed was manufactured and/or from whom it was received, with reason to believe the wool product falsely guaranteed may be introduced, sold, transported, or distributed in commerce, is guilty of an unfair method of competition, and an unfair and deceptive act or practice, in commerce within the meaning of the Federal Trade Commission Act.