Civil Code Art. 2047: Nature and Extent of

Statute: Civil Code
Article: Art. 2047
Topic: Nature and Extent of Guaranty
Book: BOOK IV Obligations and Contracts
Title: TITLE XV GUARANTY
Chapter: CHAPTER 1 Nature and Extent of Guaranty
Formerly: Art. 1822a of the old Civil Code
Year: 1949

The provision

By guaranty a person, called the guarantor, binds himself to the creditor to fulfill the obligation of the principal debtor in case the latter should fail to do so. If a person binds himself solidarily with the principal debtor, the provisions of Section 4, Chapter 3, Title I of this Book shall be observed. In such case the contract is called a suretyship. (1822a)

Cases applying this article

Gilat Satellite Networks v. United Coconut Planters Bank General Insurance Co. G.R. No. 189563
Asset Builders Corporation v. Stronghold Insurance Company G.R. No. 187116

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