guarantor

According to the provisions of the guarantee law, the third party and the creditor agreed that when the debtor fails to perform the debt, the guarantor will perform the debt or assume the responsibility as agreed. The third party here is the guarantor, including legal persons, other organizations or citizens who have the ability to pay off debts on their behalf, and the creditors here are both creditors of the principal debt. Here-performing the debt or taking responsibility according to the agreement-is called guarantee debt, and some people call it guarantee responsibility.

Establishment of guarantor

1. The guarantor has the qualifications stipulated 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.

2. The guarantor and the creditor shall conclude a guarantee contract in writing.

Extended data

People's Republic of China (PRC) Civil Code

Article 388

The relationship between the guarantee contract and the main contract If a security interest is established, a guarantee 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 main creditor's rights and debts contract. If the principal creditor's rights and debts contract is invalid, the guarantee contract is invalid, unless otherwise stipulated 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 39 1

Legal Consequences of Transferring Debt Without the Guarantor's Consent If a third party provides a guarantee and the creditor allows the debtor to transfer all or part of the debt without its written consent, the guarantor will no longer bear the corresponding guarantee liability.

Article 409

The mortgagee can give up the mortgage or the ranking of the mortgage. The mortgagee and the mortgagor may agree to change the mortgage order and the amount of secured creditor's rights. However, without the written consent of other mortgagees, the change of mortgage right shall not adversely affect other mortgagees.