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Does the beneficiary of a guarantee need to be a signatory to the guarantee? What happens if the guarantee is signed as a deed?

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Published by a ÀÏ˾»úÎçÒ¹¸£Àû Banking & Finance expert
Published on: 01 March 2022
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Section 4 of the Statute of Frauds (1677) requires a guarantee to be in writing and signed by the guarantor (or some other person lawfully authorised to sign on the guarantor's behalf). If a guarantee does not comply with Statute of Frauds (1677), s 4, it will be unenforceable. This requirement has the effect that a guarantee need only be signed by the guarantor. It does not need to be signed by the Beneficiary of the guarantee (although the beneficiary of the guarantee can sign it if they wish to). For more information on the formalities for creating a guarantee, see Practice Note: Formalities for creating a guarantee.

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Beneficiary definition
What does Beneficiary mean?

A person who has a interest'>beneficial interest in property under a trust.

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