California Codes, Civil Code - CIV, Division 3 — Obligations, Part 4 — Obligations Arising from Particular Transactions, Title 13 — Suretyship, Article 3 — Interpretation of Suretyship, Section 2800
A guaranty to the effect that an obligation is good, or is collectible, imports that the debtor is solvent, and that the demand is collectible by the usual legal proceedings, if taken with reasonable diligence.
Notes
Defines a guaranty stating that an obligation is good or collectible as importing both that the debtor is solvent and that the demand can be collected through usual legal proceedings when pursued with reasonable diligence. Sets solvency and collectibility with reasonable diligence as the assurances carried by that form of guaranty.
Use as reference
Lexinter.net | California Code, Civil Code - CIV § 2800 | https://laws.lexinter.net/codes/california/civil-code/division-3/part-4/title-13/article-3/section-2800