Question

Difference between specific and continuing gurantee

Answer 1

A continuing guaranty is an agreement by the guarantor to be liable for the obligations of someone else to the lender, a specific guaranty s limited only to one individual transaction.

Answer 2

A continuing guaranty is an agreement by the guarantor to be liable for the obligations of someone else to the lender, even if there are several different obligations that are made, renewed or repaid over time. In contrast, a specific guaranty is limited only to one individual transaction.