Page 490 - Important Provisions of The New Civil Code

GUARANTY

Article 2047. By guaranty a person, called the

guarantor, binds himself to the creditor to fulfill

the obligation of the principal debtor in case

the latter should fail to do so.

If a person binds himself solidarily with the

principal debtor, the provisions of Section 4,

Chapter 3, Title I of this Book shall be observed.

In such case the contract is called a suretyship.

(1822a)

Article 1952. The bailor cannot exempt himself

from the payment of expenses or damages by

abandoning the thing to the bailee. (n)

Article 2058. The guarantor cannot be

compelled to pay the creditor unless the latter

has exhausted all the property of the debtor,

and has resorted to all the legal remedies

against the debtor. (1830a)