UCC § 3-419(d)

UCC § 3-419(d)

Definition

A provision of the Uniform Commercial Code that states that, if a person signs an instrument in order to guarantee the collection of the obligation of another party to the instrument, the guarantee is conditioned on (1) the owner of the instrument first obtaining a judgment against the other party and the execution of the judgment being returned unsatisfied, (2) the other party being insolvent, or (3) it being otherwise apparent that payment cannot be obtained from the other party.

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