- Statute
- Civil Code
- Article
- Art. 2047
- Topic
- Nature and Extent of Guaranty
- Status
- In force
- 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
- Cited by
- Multiple Supreme Court decisions
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)
Intellegal Wiki · In plain terms
By a guaranty, the guarantor promises the creditor to perform the debtor's obligation if the debtor fails to do so. If instead a person binds themselves solidarily (equally and directly liable) with the debtor, the arrangement is a suretyship and follows the rules on solidary obligations.
An editorially maintained plain-language explanation of this provision — not legal advice.
Cases applying this article
- Gilat Satellite Networks v. United Coconut Planters Bank General Insurance Co.
- Asset Builders Corporation v. Stronghold Insurance Company
- Bicol Savings & Loan Association v. Jaime Guinhawa
- Patricia Tan v. Planters Development Bank
- Allied Banking Corporation v. Jesus S. Yujuico (Deceased)
- Go Tong Electrical Supply Co. v. Bpi Family Savings Bank
- Diamond Builders Conglomeration v. Country Bankers Insurance Corporation
- Prudential Guarantee v. Equinox Land Corporation
Other Supreme Court decisions also apply this article.