RIGHT OF GUARANTOR TO BENEFIT OF EXCUSSION OR EXHAUSTION
Category: Obligations and Contracts
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
Related Philippine Law Resources:
Newer Philippine Law Resources:
Additional Law Reading:
RIGHT OF GUARANTOR TO BENEFIT OF EXCUSSION OR EXHAUSTION
Category: Obligations and Contracts
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
Related Philippine Law Resources:
Newer Philippine Law Resources:
Additional Law Reading:
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