The Fall Guy
Source unknown
"The undersigned (hereinafter called &ls;Guarantor') for and in consideration of the sum of Ten Dollars ($10.00) and other good and valuable considerations in hand paid to the Guarantor, the receipt and sufficiency of which is hereby acknowledged, and to induce (bank name) a national banking association with offices and banking quarters at (address), (hereinafter called &ls;Bank'), at its option, at any time or from time to time to loan monies, with or without security to or for the account of (customer's name) (hereinafter called &ls;Borrower'), and at the special insistence and request of Bank, Guarantor hereby unconditionally guarantees the prompt payment at maturity of the following (hereinafter called the &ls;Indebtedness'):"
What does it mean? If you sign this, you're the fall guy if the borrower defaults.
