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• W3585408 abstract "In view of the frequency with which American corporations agree to answer for the obligations of their German subsidiaries, it is thought an examination of the German concepts of surety and guaranty should be compared with the American concepts of the same. Interestingly enough, under German law the legal attributes of an arrangement which under American law would be considered a guaranty contract, are referred to as buergschaft which translated means, a surety agreement. More interesting is the fact that the American concept of a surety contract may properly fall under what is known in Germany as a ' 'garantievertrag which translated would be called, a contract of guaranty. Apart from labels, there are other distinctions, e.g., the Statute of Frauds requirement, well known to the American lawyer, that a promise to answer for the debt of another must always be in writing, does not apply in all cases of accommodation under the law of Germany. It will be recalled that under American law where a guaranty is given, the guarantor is held to be only secondarily liable for the obligation. In other words, the guarantor is only guaranteeing the solvency of the principal obligor. If the debt is extinguished, the guaranty also dies since the guaranty is predicated on the existence of the underlying obligation. On the other hand, under American law a surety is primarily liable with the obligor. It is not necessary that the obligor be proved insolvent before the obligee may require payment from the surety. Even though the surety and the guarantor both have in common the fact that they are bound to answer for another person, a surety is usually bound with his principal by the same instrument, executed at the same time and on the same consideration. The surety is an original promisor and debtor from the beginning and is held ordinarily to every known default of his principal. The contract of a guarantor is his own separate undertaking in which the principal does not join. It is usually entered into before or after that of the principal and is often founded on a separate consideration from that supporting the contract of the principal. The original contract of the principal, not being the guarantor's contract, the guarantor is not bound to take notice of its nonperformance. The main distinction is that the guarantor's liability is contingent upon the default of the principal and the guarantor only becomes absolutely liable when such default takes place and he is notified thereof. In other words, under American law, basically the surety is an insurer of the debt or obligation itself, whereas the" @default.
• W3585408 created "2016-06-24" @default.
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• W3585408 date "2016-01-01" @default.
• W3585408 modified "2023-09-27" @default.
• W3585408 title "ACCOMMODATION UNDER GERMAN LAW" @default.
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