Extinguishment of Guaranty

The following instances will extinguish a contract of guaranty:

1.) Release in favor of one of the guarantors, without the others' consent, will benefit all to the extent of the share of the guarantor who was released from his liability.

2.) If the creditor voluntarily accepts immovable or other property in payment of the debt, even if he loses them later through eviction or conveyance of property.

3.) Effect of eviction: revival or the principal property but not the guaranty

4.) If by an act of the creditor the guarantors, though solidarily liable, can't be subrogated to the creditor's rights, mortgages and preferences.

5.) For the same causes as all obligations under Art. 1231 of the Civil Code (extinguishment of obligations: payment/performance, loss, condonation/remission, confusion/merger of rights, compensation, novation, annulment, recission, prescription and fulfillment of a resolutory condition.)

6.) When the principal obligation is extinguished.

7.) Extension granted by the creditor to the debtor without the guarantor's consent.