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UCC 3-419(d) provides 'Payment guaranteed' or equivalent words added to a signature mean that the signer engages that if the instrument is not paid when due he will pay it according to its tenor without resort by the holder to any other party. 'Collection guaranteed' or equivalent words added to a signature mean that the signer engages that if the instrument is not paid when due he will pay it according to its tenor, but only after the holder has  reduced his claim against the maker or acceptor to judgment and execution has been returned unsatisfied, or after the maker or acceptor has ...