Post by account_disabled on Nov 4, 2023 0:17:35 GMT -5
It is worth remembering that despite the lack of regulation of the subject of the surety in the Civil Code, the surety serves to secure the main obligation, which may be obligations in money and items specified as to their type. The guarantor's declaration, as well as its amendment, should be submitted in writing under pain of invalidity. The guarantor's declaration may also be submitted in writing by the representative representing him. A sample declaration from a guarantor who is a natural person can be found here. Moreover, in accordance with the provisions of the Civil Code if the debtor is late in fulfilling the obligation.
The creditor should immediately notify the guarantor cf. art. of the Civil Code ; in the absence of a philippines photo editor reservation to the contrary, the guarantor is liable as a joint and several co-debtor cf. art. of the Civil Code ; the guarantor should immediately notify the debtor of his payment of the debt for which he guaranted. If he did not do this and the debtor fulfilled the obligation, he cannot demand from the debtor the return of what he himself paid to the creditor, unless the debtor acted in bad faith cf. art. of the Civil Code ; if the surety was granted with the debtor's knowledge.
the debtor should immediately notify the guarantor of the fulfillment of the obligation. If he fails to do so, the guarantor who has satisfied the creditor may demand from the debtor the return of what he paid to the creditor, unless he acted in bad faith cf. art. of the Civil Code . IMPORTANT - the validity period of the surety should clearly result from the content of the surety agreement, and if there is an unlimited surety.
The creditor should immediately notify the guarantor cf. art. of the Civil Code ; in the absence of a philippines photo editor reservation to the contrary, the guarantor is liable as a joint and several co-debtor cf. art. of the Civil Code ; the guarantor should immediately notify the debtor of his payment of the debt for which he guaranted. If he did not do this and the debtor fulfilled the obligation, he cannot demand from the debtor the return of what he himself paid to the creditor, unless the debtor acted in bad faith cf. art. of the Civil Code ; if the surety was granted with the debtor's knowledge.
the debtor should immediately notify the guarantor of the fulfillment of the obligation. If he fails to do so, the guarantor who has satisfied the creditor may demand from the debtor the return of what he paid to the creditor, unless he acted in bad faith cf. art. of the Civil Code . IMPORTANT - the validity period of the surety should clearly result from the content of the surety agreement, and if there is an unlimited surety.
