North Dakota Code > Chapter 22-01 – Guaranty


§ 22-01-01	Definitions
§ 22-01-02	Knowledge or consent of principal unnecessary to guaranty
§ 22-01-03	Original obligation sufficient consideration – Exception
§ 22-01-04	Guaranty to be in writing – Exception – Consideration need not be expressed
§ 22-01-05	When a guaranty need not be in writing
§ 22-01-06	Acceptance of offer to guaranty required – Exception in case of absolute guaranty
§ 22-01-06.3	When account furnished surety or guarantor
§ 22-01-07	Guaranty of contract the terms of which are unsettled – Interpretation
§ 22-01-08	Guaranty of solvency – Failure to take proceedings to collect – Removal of principal from state
§ 22-01-09	Guaranty deemed unconditional – Exception
§ 22-01-10	Guarantor of payment is liable upon default of principal – Demand or notice not required
§ 22-01-11	Liability on conditional obligation – When notice to guarantor required
§ 22-01-12	Limitations upon obligation of guarantor
§ 22-01-13	Nonliability of guarantor on unlawful contract – Personal disability of principal
§ 22-01-14	Revocation of continuing guaranty
§ 22-01-15	When guarantor exonerated
§ 22-01-16	Void or voidable promise of creditor does not exonerate
§ 22-01-17	Guarantor liability not revived after exoneration
§ 22-01-18	Reduction of obligation by partial performance
§ 22-01-19	Delay on creditor’s part does not exonerate guarantor
§ 22-01-20	Indemnified guarantor – Liability
§ 22-01-21	Discharge of principal by operation of law does not constitute exoneration

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Terms Used In North Dakota Code > Chapter 22-01 - Guaranty

Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
Contract: A legal written agreement that becomes binding when signed.
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
following: when used by way of reference to a chapter or other part of a statute means the next preceding or next following chapter or other part. See North Dakota Code 1-01-49
Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. ^{Source: OCC}
Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
Property: includes property, real and personal. See North Dakota Code 1-01-49
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.
State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
written: include "typewriting" and "typewritten" and "printing" and "printed" except in the case of signatures and when the words are used by way of contrast to typewriting and printing. See North Dakota Code 1-01-37