AVALIST

A B C D E F G H I J L M N O P Q R S T U V W Y Z
AVALIST — a person or entity (often a bank) that guarantees payment on a bill of exchange or promissory note by providing an aval. The avalist assumes the obligations of one of the liable parties on the bill. The avalist's commitment remains legally binding even if the guaranteed obligation becomes void for any reason other than a defect in form.