North Dakota Code 22-01-20 – Indemnified guarantor – Liability
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A guarantor who has been indemnified by the principal is liable to the creditor to the extent of the indemnity notwithstanding that the creditor, without the assent of the guarantor, may have modified the contract or released the principal.
Terms Used In North Dakota Code 22-01-20
- 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