Revocation of Guaranty Template
A revocation of guaranty is a written notification by Guarantor revoking their previous guaranty. A guaranty is an agreement where one person (Guarantor) accepts to perform the obligations of another person (Debtor) towards a third person (Creditor). In this way, it is as if the Guarantor had entered into the agreement directly with the Creditor.  The Guarantor is liable only if the Debtor fails to fulfill the obligation to the Creditor the amount owed.A revocation of guaranty is a written notification by Guarantor revoking their previous guaranty. A guaranty is an agreement where one person (Guarantor) accepts to perform the obligations of another person (Debtor) towards a third person (Creditor). In this way, it is as if the Guarantor had entered into the agreement directly with the Creditor.  The Guarantor is liable only if the Debtor fails to fulfill the obligation to the Creditor the amount owed.

Parties
Guarantor: individual or corporation which had previously agreed to perform the Debtor`s obligations if he fails to do so and is now revoking this agreement
Debtor: person who has obligations to perform in favor of the Creditor
Creditor: person to whom Debtor owes

When to Use this Revocation of Guaranty Template?
This Revocation of Guaranty template is useful when the Guaranty was “joint and several” or “solidarily” and without a cap on the Guarantor’s liability. A “joint and several” guaranty is when the Guarantor agrees to be liable for all the obligations of the Debtor. If the Debtor should fail to meet his obligations. the Creditor may demand that the Guarantor fulfill the obligation without having recourse to the courts. This Revocation of Guaranty Agreement allows a Guarantor to limit his liability so that he is not held liable for the obligations the Debtor incurs after the date of this Revocation.

Important Considerations
– This Revocation should be sent to the Creditor via registered mail with return receipt requested.
– A copy should also be sent to the Debtor.

Specifications of This Revocation of Guaranty Template
Before completing this Revocation of Guaranty Template, please collect the following information: |
1. Name and address of Creditor
2. Names of the Guarantor and the Debtor
3. Date of the Guaranty

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