1, defendant
If the borrower defaults, the bank or finance company will sue the guarantor.
2. Be declared bankrupt
If the debt exceeds RMB 30,000, the guarantor may be declared bankrupt.
3. Multiple guarantors are unsafe.
Don't think that just because there are multiple guarantors, guarantors feel safe. Debt is not necessarily borne equally by multiple guarantors. Banks also don't have to choose to collect debts from richer guarantors. Lenders have the right to choose to collect debts from all or one of the guarantors.
The guarantor has the qualifications prescribed by law, that is, the conditions that meet the requirements:
(1) is irrelevant to this case;
(two) enjoy political rights, personal freedom is not restricted;
(3) Having a permanent residence and permanent residence in the local area;
(4) Having the ability to perform the guarantee obligations.
(5) There is no obvious record of breach of contract.
The extended information security law stipulates that
Article 21
The scope of guarantee includes the principal creditor's rights and interest, liquidated damages, damages and expenses for realizing creditor's rights. If there are other provisions in the guarantee contract, such provisions shall prevail.
Where the parties have not agreed on the scope of guarantee or the agreement is unclear, the guarantor shall be liable for all debts.
Article 22
During the guarantee period, if the creditor transfers the principal creditor's rights to a third party according to law, the guarantor shall continue to bear the guarantee responsibility within the original guarantee scope. If there are other provisions in the guarantee contract, such provisions shall prevail.
Article 23
During the guarantee period, if the creditor allows the debtor to transfer the debt, it shall obtain the written consent of the guarantor, and the guarantor shall no longer be liable for the debt transferred without his consent.
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