This discussion clarifies the distinction between specific and continuing guarantees. A specific guarantee covers a single debt or transaction and ends once that obligation is fulfilled. In contrast, a continuing guarantee applies to a series of transactions until the surety revokes it.
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A specific guarantee is for a single debt or any specified transaction. It comes to an end when such debt has been paid. ... A continuing guarantee applies to all the transactions entered into by the principal debtor until it is revoked by the surety.
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