§ 313. Guaranties to sellers of liabilities of buyers under retail instalment contracts. No guaranty given to the seller or to the seller and the seller's assignee of the liabilities of a buyer under a retail instalment contract shall be valid unless the guaranty is incorporated in or endorsed on the contract or identifies the contract and specifies the time balance thereof or, if the guaranty relates to one or more future retail instalment contracts, it limits the liability of the guarantor to contracts dated within a period of two years from the date of the guaranty and sets forth the maximum amount for which the guarantor shall be liable. A copy of the guaranty shall be given or mailed to the guarantor upon or immediately after the execution and delivery of the original guaranty by the guarantor.
As used in this section, "retail instalment contract" and "contract" include a retail instalment contract as defined in the retail instalment sales act, constituting article ten of this chapter. This section does not apply to a guaranty made by a seller or a holder of a retail instalment contract.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
