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A release of personal guarantee form is a document that frees a guarantor from all claims explicitly stated within the document. A guarantor is an individual who commits to ensuring the payment of another's obligation or debt, typically for a third party. The guarantor's obligations are terminated once the debt is repaid, effectively discharging their responsibilities. Additionally, a guarantor can be released through pre-consented actions that would otherwise cause discharge, through a Novation, or by voluntarily abandoning the guarantee. It's important to note that the death or insolvency of the principal does not automatically release the guarantor from their commitments.
