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What are the special provisions of the law on the guarantor

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What are the special provisions of the law on the guarantor


        

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  • 2024-06-15 13:00:03

    The special provisions of the law on the guarantor are:
    1. During the guarantee period, if the property for guarantee is damaged, lost or expropriated, the holder of the security interest may have priority in compensation for the insurance money, compensation or compensation obtained;
    2. If the creditor allows the debtor to transfer all or part of the debt without the written consent of the third party who provides security, the guarantor will no longer bear the corresponding security liability.

    Legal basis

    Article 390 of the Civil Code of the People's Republic of China [Subrogation of real right for security and escrow of subrogation] During the guarantee period, if the property for security is damaged, lost or expropriated, the holder of real right for security may have priority in compensation for the insurance money, compensation money or compensation money obtained. If the time limit for performance of the secured creditor's rights has not expired, the insurance money, compensation money or compensation money may also be placed in escrow.

    I***

    2024-06-15 13:00:03

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