Legal Definition and Related Resources of Collateral Promise
Meaning of Collateral Promise
It is a promise to pay the debt of another, made either before , after or contemporaneously with the promise of the primary debtor ; it is a promise to answer for the debt, default or miscarriage of another person .
Collateral Promise Alternative Definition
A promise is collateral if another is the primary or principal debtor, and the relations of debtor and creditor remain unchanged both as to the right and the remedy, and no trust is created by the transaction. 17 111. 507; 82 111. App. 308.
Related Entries of Collateral Promise in the Encyclopedia of Law Project
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Collateral Promise in Historical Law
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| Collateral Promise in the Dictionary | Collateral Promise in our legal dictionaries | Browse the Legal Thesaurus | Find synonyms and related words of Collateral Promise |
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| Related topics | Collateral Promise in the World Encyclopedia of Law |
Notice
This definition of Collateral Promise is based on the The Cyclopedic Law Dictionary . This entry needs to be proofread.
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