1. What information does the guarantor of the IOU need to write?
1. The debt relationship with the guarantor requires the guarantor's name, ID number and other information. As for other information, it can be reflected in the guarantee contract. The guarantor of the IOU must sign the receipt. If the guarantor is a company, it shall be stamped with the company seal or signed by the legal representative.
The loan guarantor establishes a guarantee contract relationship with the lender. If the guarantor does not sign the guarantee contract or the guarantor in the loan contract, the guarantor and the lender will not establish the guarantee contract contact, and there will be no guarantee responsibility.
2. Civil Code (effective)
Article 682 A suretyship contract is an accessory contract to the principal creditor's rights and debts contract. If the principal creditor's rights and debts contract is invalid, the guarantee contract is invalid, unless otherwise stipulated by law.
If the debtor, guarantor and creditor are at fault after the guaranty contract is confirmed to be invalid, they shall bear corresponding civil liabilities according to their faults.
Article 684 The contents of a suretyship contract generally include the type and amount of the principal creditor's rights to be secured, the time limit for the debtor to perform the debt, the way, scope and period of suretyship, etc.
Article 685 A suretyship contract may be a separate written contract or a suretyship clause in the principal creditor's rights and debts contract.
If the third party unilaterally makes a written guarantee to the creditor, and the creditor accepts it without raising any objection, the guarantee contract is established.
The forms of suretyship include general suretyship and joint liability suretyship.
If the parties have not agreed on the way of guarantee or the agreement is unclear in the guarantee contract, they shall bear the guarantee liability according to the general guarantee.
Article 690 A guarantor and a creditor may enter into a maximum amount guarantee contract through consultation, stipulating that the creditor's rights that occur continuously within a certain period of time shall be guaranteed within the maximum amount of creditor's rights.
2. When will the guarantee liability of the debt relationship be exempted?
People's Republic of China (PRC) Civil Code
Article 693 During the suretyship period, if the creditor of the general suretyship fails to bring a lawsuit against the debtor or apply for arbitration, the surety shall no longer be liable for suretyship.
If the creditor of joint and several liability guarantee fails to ask the guarantor to bear the guarantee responsibility during the guarantee period, the guarantor will no longer bear the guarantee responsibility.
Article 694 Where a creditor who is generally guaranteed brings a lawsuit or applies for arbitration against the debtor before the expiration of the guarantee period, the limitation of action for the guaranteed debt shall be counted from the date when the guarantor's right to refuse to undertake the guarantee liability is extinguished.
Where the creditor of joint and several liability guarantee requests the guarantor to assume the guarantee responsibility before the expiration of the guarantee period, the limitation of action for the guaranteed debt shall be calculated from the date when the creditor requests the guarantor to assume the guarantee responsibility.
Although it is not necessary to have a guarantor to borrow money, it is more secure for creditors to have a guarantor, so the probability that the loan request will be accepted by others will be higher. In most cases, if there is a guarantor in the IOU, the debtor, creditor and guarantor will also sign a guarantee contract.