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What is the guarantor's responsibility if the debtor fails to repay

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What is the guarantor's responsibility if the debtor fails to repay


        

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  • 2024-06-19 16:00:56

    If the debtor does not repay, the guarantor needs to bear the corresponding debt. If it is a joint liability guarantee, the guarantor and the debtor are in a joint liability legal relationship, and the guarantor shall pay off the debtor's debt; If it is a general guarantee and the debtor does not repay, the guarantor shall bear the corresponding debt and have the right of claim against the debtor.

    Article 697 of the Civil Code [Effect of debt assumption on suretyship liability] The creditor allows the debtor to transfer all or part of the debt without the written consent of the surety, and the surety shall no longer bear suretyship liability for the debt transferred without his consent, unless otherwise agreed by the creditor and the surety.

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    2024-06-19 16:00:56

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