Glossary of Legal Terms – G
Garnishment: A order made by the courts that takes property from a person to satisfy a debt.
Grace period: A time period during which you are not required to make payments on
a debt. eg, most credit cards give you a grace period of 30 – 55
days before you have to pay interest on the amount of your purchases.
Cash advances, however, usually have no grace period.
Grant deed: A deed containing an implied promise that the person who is transferring the property actually owns the title and that it is not encumbered in any way, except as described in the deed itself.
Grantor: Creator of a trust.
Gravamen: The elements essential to a lawsuit.
Guarantor: A legally binding promise made by a person to either pay another
person’s debt or perform another person’s duty if that person defaults
or fails to perform. The guarantor gives a “guaranty,” which is an assurance that the obligation or debt will be fulfilled.
Guardian: A person who by law is to take care of a person and his or her affairs because that person is not capable of doing so by themselves.