Home > Term: joint and several guarantee
joint and several guarantee
Guarantee, under the terms of which the guarantor can be ordered to pay prior to the principal debtor and prior to the realization of the real estate mortgages if the principal debtor is in arrears with his or her payment despite reminders or is clearly insolvent (Article 496 of the Swiss Code of Obligations). See also simple guarantee, guaranteed credit.
- Part of Speech: noun
- Industry/Domain: Banking
- Category: Investment banking
- Company: UBS
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Creator
- Stefan K
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