Revocable Guaranty Law and Legal Definition

Revocable guaranty refers to a guaranty that the guarantor may terminate without any other party’s consent. A revocable guaranty is terminated by the death of the guarantor. The guaranty is one which could be ended at the will of the guarantor while living. However, the guaranty will be terminated as to future transactions by his/her death and notice thereof. But such termination will not affect transactions which were executed prior to such death.[American Oil Co. v. Estate of Wigley, 251 Miss. 275 (Miss. 1964)]