11.1.1 Guaranty of Payment.

JurisdictionArizona

The guarantor is jointly and severally liable on the obligation, and the principal debtor’s failure to make timely payment is the only prerequisite to bringing an action against the guarantor. Tenet Healthsystem TGH, Inc. v. Silver, 203 Ariz. 217, 222, 52 P.3d 786, 791 (App. 2002); Sorenson v. Robert N. Ewing, Gen’l Contractor, 8 Ariz. App. 540, 448 P.2d 110 (1968). See also Restatement (Third) Suretyship and Guaranty § 15(a) (1996). See further id., § 16 (“continuing guaranty” is a guaranty of all (or...

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