North Dakota Code 22-01-04 – Guaranty to be in writing – Exception – Consideration need not be expressed
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Except when a guaranty is deemed an original obligation as provided in section 22-01-05, a guaranty must be in writing and signed by the guarantor, but the writing need not express a consideration.
Terms Used In North Dakota Code 22-01-04
- 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.