North Dakota § 22-01-12 Limitations upon obligation of guarantor

North Dakota Statutes

§ 22-01-12 — Limitations upon obligation of guarantor

North Dakota·Title 22 Guaranty, Indemnity, and Suretyship·Ch. 22-01 Guaranty

The obligation of a guarantor must be neither larger in amount, nor in other respects more
burdensome, than that of the principal. A stockholder or partner of any entity, including a limited
liability company, business corporation, professional corporation, and partnership, may enter
into a separate contract of guaranty for the real estate mortgage debt of the entity. If in its terms
the obligation exceeds that of the principal, the obligation is reducible in proportion to the
principal obligation.

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The obligation of a guarantor must be neither larger in amount, nor in other respects more
burdensome, than that of the principal. A stockholder or partner of any entity, including a limited
liability company, business corporation, professional corporation, and partnership, may enter
into a separate contract of guaranty for the real estate mortgage debt of the entity. If in its terms
the obligation exceeds that of the principal, the obligation is reducible in proportion to the
principal obligation.

North Dakota § 22-01-12 (Limitations upon obligation of guarantor) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.