18 Guam Code Ann. § 56304
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Terms Used In 18 Guam Code Ann. § 56304
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
A factor who charges his principal with a guaranty commission upon a sale thereby assumes absolutely to pay the price when it falls due, as if it were a debt of his own, and not as a mere guarantor for the purchaser; but he does not thereby assume any additional responsibility for the safety of his remittance of the proceeds.
SOURCE: CC § 2029.