BATASnatin LIVE Free Legal Advice

BATASnatin Live! Visit our YouTube channel for more details!

 

RIGHT OF GUARANTOR TO BENEFIT OF EXCUSSION OR EXHAUSTION

1.   Guarantor is only secondarily liable
2.   All legal remedies against debtor to be first exhausted
 

RIGHT  OF CREDITOR TO SECURE JUDGMENT AGAINST GUARANTOR PRIOR TO EXHAUSTION

>     As  a  rule,  an  ordinary  personal  guarantor  may  demand exclusion  of  all  the  property  of  debtor  before  he  can  be compelled to pay
>     The creditor however may secure prior thereto a judgment against the guarantor, who shall be entitled to a deferment of  the  execution  of  said  judgment  against  him  until  after the properties of the principal debtor shall have been first exhausted to satisfy the latter’s obligation