Debt Relief
Q. I became a joint guarantor. Do I have to pay?
A.
Joint guarantors bear the same payment obligation as the borrower and cannot demand the creditor pursue the borrower first.
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Joint guarantors have the same obligation as the principal debtor (Art. 454) with no right to demand creditors pursue the debtor first. 2020 reform requires maximum amount for individual rolling guarantees (Art. 465-2). Business loan guarantees need notarized confirmation.
This article provides general legal information and does not constitute legal advice. For specific legal issues, please consult with a qualified attorney.
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