Maryland Code, COMMERCIAL LAW 14-408
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Terms Used In Maryland Code, COMMERCIAL LAW 14-408
- Contract: A legal written agreement that becomes binding when signed.
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Person: includes an individual, receiver, trustee, guardian, personal representative, fiduciary, representative of any kind, corporation, partnership, business trust, statutory trust, limited liability company, firm, association, or other nongovernmental entity. See
(a) (1) In addition to making a guaranty, the guarantor may enter into a service contract at the time of the sale or at any other time with the person guaranteed.
(2) In addition to entering into a service contract, the provider may make a guaranty at the time of the sale or at any other time to the person guaranteed.
(b) (1) The guarantor or provider may designate a representative to perform the duties under this subtitle.
(2) However, this designation does not relieve the guarantor or provider of the duties to the person guaranteed.