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CLASSIFICATION OF GUARANTY 1.) Release in favor of one of the guarantors, without the others' consent, will benefit all to
1. Guaranty in the broad sense the extent of the share of the guarantor who was released from his liability.
a. Personalguaranty properly so-called or guaranty in the strict sense. The
guarantee given is the credit given by the person who guarantees the fulfillment of 2.) If the creditor voluntarily accepts immovable or other property in payment of the debt,
the principal obligation. even if he loses them later through eviction or conveyance of property.
b. Realthe guaranty is property, movable or immovable
2. As to its origin 3.) Effect of eviction: revival or the principal property but not the guaranty
a. Conventional
b. Legal 4.) If by an act of the creditor the guarantors, though solidarily liable, can't be subrogated
c. Judicial to the creditor's rights, mortgages and preferences.
3. As to consideration
a. Gratuitous 5.) For the same causes as all obligations under Art. 1231 of the Civil Code
b. Onerous (extinguishment of obligations: payment/performance, loss, condonation/remission,
4. As to persons guaranteed confusion/merger of rights, compensation, novation, annulment, recission, prescription and
a. Single fulfillment of a resolutory condition.)
b. Double or sub-guarantyone constituted to secure the fulfillment of a guarantee in
another guaranty 6.) When the principal obligation is extinguished.
5. As to its scope and extent
a. Definiteone where the guaranty is limited to the principal obligation only, or to a 7.) Extension granted by the creditor to the debtor without the guarantor's consent.
specific portion
thereof RIGHT OF GUARANTOR TO BENEFIT OF EXCUSSION OR EXHAUSTION
1. Guarantor is only secondarily liable > The creditor however may secure prior thereto a judgment against the guarantor, who
2. All legal remedies against debtor to be first exhausted shall be entitled to a deferment of the execution of said judgment against him until
after the properties of the principal debtor shall have been first exhausted to satisfy the
RIGHT OF CREDITOR TO SECURE JUDGMENT AGAINST GUARANTOR PRIOR TO latters obligation
EXHAUSTION
> As a rule, an ordinary personal guarantor may demand exclusion of all the
property of debtor before he can be compelled to pay