§ 313 — Guaranties to sellers of liabilities of buyers under retail instalment contracts

§ 313. Guaranties to sellers of liabilities of buyers under retail\ninstalment contracts. No guaranty given to the seller or to the seller\nand the seller's assignee of the liabilities of a buyer under a retail\ninstalment contract shall be valid unless the guaranty is incorporated\nin or endorsed on the contract or identifies the contract and specifies\nthe time balance thereof or, if the guaranty relates to one or more\nfuture retail instalment contracts, it limits the liability of the\nguarantor to contracts dated within a period of two years from the date\nof the guaranty and sets forth the maximum amount for which the\nguarantor shall be liable. A copy of the guaranty shall be given or\nmailed to the guarantor upon or immediately after the execution and\ndelivery of the original guaranty by the guarantor.\n As used in this section, "retail instalment contract" and "contract"\ninclude a retail instalment contract as defined in the retail instalment\nsales act, constituting article ten of this chapter. This section does\nnot apply to a guaranty made by a seller or a holder of a retail\ninstalment contract.\n