Terms Used In Montana Code > Title 28 > Chapter 11 - Guaranty, Indemnity, and Suretyship

• Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
• Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
• Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.
• Several: means two or more. See Montana Code 1-1-201