Abstract

http://ssrn.com/abstract=1170502
 
 

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Guaranteeing Someone Else's Debts


Reg Graycar


University of Sydney - Faculty of Law

Jenny Lovric


University of New South Wales (UNSW) - Faculty of Law

Robyn Johannson


affiliation not provided to SSRN

July, 23 2008

Journal of Banking and Finance - Law and Practice, Vol. 12, pp. 181-198, 2001
Sydney Law School Research Paper No. 08/71

Abstract:     
Despite increasing awareness of the hazards of doing so, people still continue to guarantee loans for other people (usually relatives or partners) and by doing so, may end up suffering from "sexually transmitted" or "relationship" debt. When a guarantee is enforced, there can be serious consequences such as the loss of the guarantor's home. In this discussion, we outline a project undertaken by the NSW Law Reform Commission who did a project that included a major empirical component on third party guarantees. We note that guarantees for small business loans tend to cause the greatest hardship since business loans (and third party security for them) are not as tightly regulated as are consumer borrowings.

Number of Pages in PDF File: 19

Keywords: law reform, small business loans, third party guarantees, emotional pressure, guarantees, review of unfair contracts, sexually transmitted debt, relationship debt

JEL Classification: K10, K30

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Date posted: July 23, 2008  

Suggested Citation

Graycar, Reg and Lovric, Jenny and Johannson, Robyn, Guaranteeing Someone Else's Debts (July, 23 2008). Journal of Banking and Finance - Law and Practice, Vol. 12, pp. 181-198, 2001; Sydney Law School Research Paper No. 08/71. Available at SSRN: http://ssrn.com/abstract=1170502

Contact Information

Reg Graycar (Contact Author)
University of Sydney - Faculty of Law ( email )
Faculty of Law Building, F10
The University of Sydney
Sydney, NSW 2006
Australia
Jenny Lovric
University of New South Wales (UNSW) - Faculty of Law ( email )
Kensington, New South Wales 2052
Australia
Robyn Johannson
affiliation not provided to SSRN
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