South Dakota Codified Laws 56-1-15. Construction of guaranty–Unconditional in absence of terms importing conditionprecedent
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A guaranty is to be deemed unconditional unless its terms import some condition precedent to the liability of the guarantor.
Terms Used In South Dakota Codified Laws 56-1-15
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
Source: SDC 1939, § 26.0109.