General Guaranty Law and Legal Definition

A general guaranty is a guaranty that is not addressed to specific person and can be enforced by anyone who acts on it. It is a written undertaking that can be enforced by anyone. General guaranty also covers obligation incurred by the guarantor. Unlike special guaranty, a general guaranty is assignable or transferable.[Flying J v. Booth, 773 P.2d 144 (Wyo. 1989)]