CO-MAKER vs. GUARANTOR IN PROMISSORY NOTE OR LOAN AGREEMENT: NATURE & EXTENT OF LIABILITY

Co-maker and guarantor in promissory note or loan agreement: distinguished as to the nature and extent of their respective liabilities; difference between surety and guarantor; distinction between contract of surety and contract of guaranty; liability of a co-maker in a loan; liability of a guarantor in a loan; co-maker of a promissory note; guarantor of a promissory note; default of payment of a loan; who is liable in case of default of payment in a loan; is the co-maker liable to pay the debt or loan in case if default by the principal debtor or borrower; parties in a loan agreement; creditor or lender, debtor or borrower; co-maker as surety or guarantor; rights and obligations of the creditor; rights and obligations of debtor or borrower; rights and obligations of a co-maker, surety or guarantor; what is the nature and extent of liability of a co-maker in a promissory note or loan instrument; how to proceed against a co-maker of an unpaid loan or debt; direct and primary liability of the co-maker for unpaid loan or debt; secondary liability of guarantor for unpaid loan or debt; co-maker is directly and primarily liable to pay the loan; surety is primarily and directly liable to pay the loan; surety is jointly and severally or solidarily liable to pay in case of default; guarantor is secondarily liable in case of default in payment; co-maker is obliged to pay when the principal borrower does not pay; guarantor is obliged to pay when the principal borrower cannot pay; surety is liable to pay even if the principal debtor or borrower has the capacity to pay; liability ng co-maker sa pagbayad ng utang; bakit pwedeng singilin ang co-maker ng promissory note kung hindi nabayaran ang utang; kailan pwedeng habulin o singilin ang co-maker at ang guarantor ng utang o promissory note; pwede bang kasuhan ang co-maker kapag hindi nabayaran ng principal borrower ang loan o utang; can the lender go against the co-maker in case of non-payment of a loan or debt; who is liable to pay an unpaid loan - principal borrower or debtor or co-maker; what is the difference between surety and guarantor; rights and obligations of the parties in case if default of payment of a loan or debt; lending in the Philippines; how to collect from borrower and co-maker or guarantor; collection suit; how to collect from borrower; paano singilin ang utang; how to collect debt; how to collect an unpaid loan; how to collect an unpaid debt
Jurisprudence:
G.R. No. 156162, June 22, 2015
CCC INSURANCE CORPORATION, Petitioner, vs.KAWASAKI STEEL CORPORATION, F.F. MAÑACOP CONSTRUCTION CO., INC., and FLORANTE F. MAÑACOP,Respondents.
“The statutory definition of suretyship is found in Article 204 7 of the Civil Code, thus:
Art. 2047. 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. (Emphasis supplied.)
Jurisprudence also defines a contract of suretyship as "an agreement where a party called the surety guarantees the performance by another party called the principal or obligor of an obligation or undertaking in favor of a third person called the obligee. Specifically, suretyship is a contractual relation resulting from an agreement whereby one person, the surety, engages to be answerable for the debt, default or miscarriage of another, known as the principal." 26 The Court expounds that "a surety's liability is joint and several, limited to the amount of the bond, and determined strictly by the terms of contract of suretyship in relation to the principal contract between the obligor and the obligee. It bears stressing, however, that although the contract of suretyship is secondary to the principal contract, the surety's liability to the obligee is nevertheless direct, primary, and absolute.”

[@hildagardabaliguat9301]

learning very clear po ksyo mag explain atty.

[@Nardilicious]

Napaka linaw po ng yung pag explain! Maraming salamat po

[@reginadorado542]

Salamat po, Atty sa iinformation ito.Nakakatakot po pala mag co maker.Dapat pagisipan mabuti.Ingat po kayo lage.💓💓💓

[@mabahongtakevlog8319]

Thanks sa mensahi mo natutuna ako

[@arvinpenero8176]

Thank you, Atty.!

[@robertdungca2247]

Good day po. Tanong q lan po atty. Kun ako po ay guarantor lan at namatay po un borrower ano po ang liabilities q s utang ng namatay. Sana po masagot ang tanong ko para ako ay maliwanagan.

[@reypines3426]

Attorney paano kong walang kkasulatan between me ang the co maker at verbal lang kami nag usap...

[@paupau1402]

Kapag nag apply po ba ng loan si borrower, tinitignan din ang credit history bg co-maker? Thanks po

[@laagangkatabang]

Congratulations monetized channel na

[@reginaangelynah8834]

atty pwede po ba namen ireklamo ang main borrower dahil n freeze ung sweldo namen dahil hnd sya ngbayad ng utang nya after ng court hearing?

[@momswaknswak3304]

Attorney, ask lang po, ano po ba ang pagkakaiba ng Affidavit of ratification sa Deed of Ratification.
Please advise po. Salamat po 🙏

[@pain_530]

Atty, pwede po bang mapa walang bisa ang pagiging co-maker?

[@leaheichhorn7792]

paano po if chat lang na nagsabi na sge,(means agreed to pay as guarantor)pero walang pirma.

[@marlenenagramabondaug1230]

Atty.sana mapansin po
pano po kung halimbawa microfinance po kaka loan lang tapos umalis na ung borrower ng walang sabi sabi tapos ndi sya makontak nung lender tapos wala den naman kakayahan mag bayad ung co maker pano po yun???sana po masagot