Guaranty review
Continuing guaranty of payment with suretyship-defenses waiver and reinstatement clause.
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What it checks
Guarantor / obligee identification + underlying obligation
Guaranty must identify guarantor, obligee (lender), and the underlying obligation.
Critical · BNK-021
Payment-vs-collection (absolute vs collection guaranty)
Guaranty must specify whether it is of payment (primary, absolute) or of collection (resort-first to collateral / borrower).
Critical · BNK-022
Suretyship defenses waived
Institutional guaranties waive common-law suretyship defenses (release / modification / impairment of collateral).
Critical · BNK-023
Continuing nature + maximum amount (limited guaranty)
Guaranty should state whether it is continuing and any maximum dollar limitation.
Warning · BNK-024
Subrogation / contribution rights waived or deferred
Institutional guaranties waive or defer guarantor's subrogation / contribution rights until full payment.
Warning · BNK-025
Reinstatement on preference / fraudulent transfer
Guaranty should provide for reinstatement if payments are recovered as preferences / fraudulent transfers.
Warning · BNK-026
Confession of judgment / cognovit clause
A confession-of-judgment (cognovit) clause lets the holder obtain judgment without notice or a hearing; it is void in consumer credit and prohibited or unenforceable in many states.
Critical · BNK-051
Every run also applies 108 general checks that belong to any agreement: structure, parties and signatures, defined terms, cross-references, dates, amounts, and one-sided terms.
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