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Guaranty and Suretyship
Guaranty and Suretyship
performance, and as between the two who are bound, the one rather than the other should perform
(ARTICLES 2047 TO 2084) > Contractual relation resulting from an agreement whereby one person, the surety, engages to be
answerable for a debt, default, miscarriage of another known as the principal
NATURE AND EXTENT OF GUARANTY
LAW APPLICABLE TO SURETYSHIP
Article 2047. By guaranty, a person, called the guarantor, binds himself to the creditor to fulfill the > Second paragraph
obligation of the principal debtor in case the latter should fail to do so. > It covers OBLIGATIONS, DIFFERENT KINDS OF OBLIGATIONS, JOINT AND SOLIDARY
OBLIGATIONS, OBLIGATIONS AND CONTRACTS
If a person binds himself solidarily with the principal debtor, the provisions of Section 4, Chapter 3, > If a person binds himself solidarily with the principal debtor, the contract is called suretyship and the
Title I of this Book shall be observed. In such case, the contract is called a suretyship. guarantor is called the SURETY