North Dakota Code 22-01-06 – Acceptance of offer to guaranty required – Exception in case of absolute guaranty
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A mere offer to guaranty is not binding until notice of its acceptance is communicated by the guarantee to the guarantor. An absolute guaranty is binding upon the guarantor without a notice of acceptance.
Terms Used In North Dakota Code 22-01-06
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC