18 Guam Code Ann. § 31601
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Terms Used In 18 Guam Code Ann. § 31601
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- 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.
A guarantor is exonerated, except so far as he may be indemnified by the principal, if by any act of the creditor, without the consent of the guarantor, the original obligation of the principal is altered in any respect, or the remedies or rights of creditor against the principal, in respect thereto, are in any way impaired or suspended.
SOURCE: CC § 2819.