Legal basis: Article 388 of the Civil Code establishes a security interest, and a security contract shall be concluded in accordance with the provisions of this Law and other laws. Guarantee contracts include mortgage contracts, pledge contracts and other contracts with guarantee functions. The guarantee contract is a subsidiary contract of the principal creditor's rights and debts contract. If the principal creditor's rights and debts contract is invalid, the guarantee contract is invalid, except as otherwise provided by law.
If the debtor, guarantor and creditor are at fault after the guaranty contract is confirmed to be invalid, they shall bear corresponding civil liabilities according to their faults.
Article 392 of the Civil Code: If the secured creditor's right has both property and other people's guarantee, if the debtor fails to perform the due debt or the parties agree to realize the security right, the creditor shall realize the creditor's right in accordance with the agreement; If there is no agreement or the agreement is unclear, and the debtor provides the security of the property by himself, the creditor shall first realize the creditor's right on the security of the property; If a third party provides a guarantee for the property, the creditor may realize the secured creditor's right on the property, or request the guarantor to assume the guarantee responsibility. The third party providing the guarantee shall have the right to recover from the debtor after assuming the guarantee responsibility.