Source: https://philippinecivillaw.wordpress.com/category/15-guaranty/
Timestamp: 2019-04-22 23:02:57+00:00

Document:
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.
Art. 2051. A guaranty may be conventional, legal or judicial, gratuitous, or by onerous title.
Art. 2052. A guaranty cannot exist without a valid obligation.
Art. 2054. A guarantor may bind himself for less, but not for more than the principal debtor, both as regards the amount and the onerous nature of the conditions.
Art. 2055. A guaranty is not presumed; it must be express and cannot extend to more than what is stipulated therein.
Art. 2065. Should there be several guarantors of only one debtor and for the same debt, the obligation to answer for the same is divided among all. The creditor cannot claim from the guarantors except the shares which they are respectively bound to pay, unless solidarity has been expressly stipulated.
Art. 2066. The guarantor who pays for a debtor must be indemnified by the latter.
Art. 2067. The guarantor who pays is subrogated by virtue thereof to all the rights which the creditor had against the debtor.
(7) If the principal debtor is in imminent danger of becoming insolvent.
Art. 2073. When there are two or more guarantors of the same debtor and for the same debt, the one among them who has paid may demand of each of the others the share which is proportionally owing from him.
If any of the guarantors should be insolvent, his share shall be borne by the others, including the payer, in the same proportion.
Art. 2084. A judicial bondsman cannot demand the exhaustion of the property of the principal debtor.
A sub-surety in the same case, cannot demand the exhaustion of the property of the debtor of the surety.

References: Art. 2051

Art. 2052

Art. 2054

Art. 2055

Art. 2065

Art. 2066

Art. 2067

Art. 2073

Art. 2084