Massachusetts General Laws ch. 140D sec. 24 – Guaranty of obligations of other persons; notice of additional obligations
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Section 24. No person who executes a guaranty of the obligations of another in connection with an application by such other person for an open-end-credit plan or for an extension of credit other than an open-end-credit plan shall be liable as a result of such guaranty for an obligation not arising under such plan or extension of credit unless such person has been notified of such additional obligation in advance.
Terms Used In Massachusetts General Laws ch. 140D sec. 24
- 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.