Article 2047

RA 386 · Civil Code of the PhilippinesKey provision

ELI5— what this means for you

Guaranty: a person (guarantor) binds themselves to pay or perform if the principal debtor fails. Suretyship: the surety is solidarily liable with the principal debtor — the creditor can sue the surety directly without first going after the debtor.

Key point

A guarantor can demand the creditor exhaust the debtor's assets first (benefit of excussion). A surety cannot.

Official text — RA 386

Full article text is being added. Read the official text at officialgazette.gov.ph.

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