Its responsibility is that when the debtor can't pay off the due debt, the guarantor should bear the responsibility, that is, pay off the due debt.
According to the Civil Code
The forms of suretyship include general suretyship and joint liability suretyship.
If the parties have not agreed on the way of guarantee or the agreement is unclear in the guarantee contract, they shall bear the guarantee liability according to the general guarantee.
Article 687 General Guarantee refers to the guarantee that the guarantor shall bear the guarantee liability when the debtor fails to perform the debt, as stipulated by the parties in the guarantee contract.
1. The guarantor of general guarantee has the right to refuse to undertake the guarantee liability to the creditor before the main contract dispute has been tried or arbitrated and the debtor's property has been enforced according to law, except in one of the following circumstances:
(1) The debtor's whereabouts are unknown and there is no property to execute;
(2) The people's court has accepted the bankruptcy case of the debtor;
(3) The creditor has evidence to prove that the debtor's property is insufficient to perform all debts or is unable to perform debts;
(4) The Guarantor waives the rights stipulated in this clause in writing.
(2) Joint and several liability.
The creditor's responsibility to pay means that when the debt reaches the repayment period, the creditor has the right to ask the debtor or guarantor to repay the debt.
When the guarantee is a general guarantee, the guarantor has the right of defense, that is, the guarantor has the right to refuse the creditor's repayment request before the creditor applies to enforce the debtor's property or fails to enforce the security interest. Co-guarantors have no such right.
Article 688 of the Civil Code stipulates in the guarantee contract that the guarantor and the debtor shall be jointly and severally liable for the debt, which is a joint liability guarantee.
When the debtor of joint and several liability guarantee fails to perform the due debt or the circumstances agreed by the parties occur, the creditor may require the debtor to perform the debt, or may require the guarantor to assume the guarantee liability within the scope of its guarantee.
(3) Revoking the responsibility of the guarantor;
If the same creditor's right is secured by two things, after the expiration of the main contract, if the creditor is slow to exercise the right to guarantee, resulting in the decrease of the value of the collateral or damage or loss, it shall be deemed that the creditor has waived the guarantee of part or all of the property, and the guarantor shall reduce or exempt the guarantee liability within the scope of the creditor's waiver of rights.
Article 702 of the Civil Code If the debtor enjoys the right of set-off or cancellation to the creditor, the guarantor may refuse to undertake the guarantee liability within the corresponding scope.
Second, how long is the statutory limitation of IOUs? The limitation of action for private lending disputes caused by IOUs is three years.
According to Article 188 of the Civil Law, the limitation of action for requesting protection of civil rights from the people's court is three years. Where there are other provisions in the law, those provisions shall prevail.
The limitation period of action shall be counted from the date when the creditor knows or should know that the right is damaged and the debtor knows it. Where there are other provisions in the law, those provisions shall prevail. However, the people's court shall not protect the rights that have been damaged for more than 20 years. Under special circumstances, the people's court may decide to extend the time according to the application of the obligee.
Third, the difference between the guarantor and the witness in the IOU. Guarantor belongs to the legal relationship of private lending. When the borrower fails to repay, the guarantor has the obligation to repay. The witness is not a party to the legal relationship of private lending, and does not bear any legal responsibility for the borrower's failure to repay the loan on time. Generally, the guarantor has the right of defense before litigation, that is, before the main contract dispute has been tried or arbitrated, and the debtor's property has not been enforced according to law, the guarantor can refuse to undertake the guarantee responsibility to the creditor.
Article 694 of the Civil Law If a creditor with general guarantee files a lawsuit or applies for arbitration against the debtor before the expiration of the guarantee period, the limitation of action for the guaranteed debt shall be counted from the date when the guarantor's right to refuse to undertake the guarantee responsibility is extinguished.
The above is the relevant knowledge for you. I believe that through the above introduction, you will have a better understanding of the relevant knowledge of "what responsibility the guarantor bears for the iou".