WHAT ARE THE QUALIFICATIONS OF A GUARANTOR?

1.   He possesses integrity

2.   He has the capacity to bind himself

3.   He  has  sufficient  property  to  answer  for  the  obligation which he guarantees

EFFECT OF SUBSEQUENT LOSS OF REQUIRED QUALIFICATIONS

>     Qualifications  need  only  be  present  at  the  time  of  the perfection of the contract

>     The creditor may however demand another guarantor with the proper qualifications but he may waive it if he chooses and hold the guarantor to his bargain

>     Note in Article 2057 that it requires conviction for a crime involving   dishonesty,   but   a   judicial   declaration   of insolvency  is  not  necessary  in  order  for  the  creditor  to have the right to demand another guarantor

SELECTION OF GUARANTOR

1.   Specified   person   stipulated   as   guarantor—where   the creditor has required and stipulated that a specific person should be a guarantor, the substitution of a guarantor may not  be  demanded  because  obviously,  in  such  a  case,  the selection of the guarantor is a term of the agreement and the creditor is bound thereby as a party

2.   Guarantor  selected  by  the  principal  debtor—the  debtor answers  for  the  integrity,  capacity  and  solvency  of  the former

3.   Guarantor   personally   designated   by   the   creditor—the responsibility should fall upon the  creditor and  not  on the debtor