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

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. (1822a)

Source: lawphil.net (RA 386 as amended)

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