The bond is one of the types of collateral that banks require or individuals who handle money emprestado.O guarantor undertakes to pay the debt if the borrower fails to pay. The same applies to the guarantor.
In general, the guarantor may require that before the debtor has to pay, but if the contract has a clause called ” waiver of the order “, the guarantor is waiving this right and may be charged together with the debtor.
The guarantor will also be waiving the right that the debtor be charged before, when he appears as ” principal payer ” or as ” joint debtor ” in the contract.
Doubts about bail in the banking contract?
When the guarantor is protected by the benefit of order, ie before the guarantor should be charged the debtor, if the creditor does not take the legal measures to charge the debtor, the guarantor himself may promote the collection against the debtor.
This measure makes sense because the debtor can squander its assets while the creditor remains inertand then when the creditor charges, only the assets of the guarantor remain to pay.
The bond is a bond that can be partial, that is, only part of the debt. If the guarantor pays the debt in favor of the creditor, he may turn against the debtor to compensate for the damage suffered.
What happens if the guarantor’s death occurs?
The death of the guarantor or guarantor does not free them from paying the debt, but only up to the limit of the assets they have left and nothing else.
The fact is that in the case of bank contracts there are several types of guarantees, each type with more or less serious consequences for the obligors, which is why, informing yourself before signing a contract is indispensable.