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Corporate Guarantee No corporation has power by any form of contract or endorsement to become a guarantor, or otherwise lend its credit to another person or corporation. If a person wishes to receive or take a guarantee from a corporation, the only safe way is to get written proof of a corporate resolution authorizing the guarantee. Otherwise, the guarantee may be null and void. If a person
is intends to rely significantly on a corporate guarantee, they should
investigate the reason why the corporation is providing the guarantee. Source: "Manual of Credit and Commercial Laws," edited by Charles M. Tatelbaum and John K. Pearson, available at the NACM Bookstore. |
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