I'm Giancarlo Enrico S. Pozon, a Wushu instructor, investor and Barrister... That's right, Barrister; I graduated from law school and took the Bar Exams, now I'm waiting for the results. I created this blog to make Philippine Law easy to understand for the average person. It's all about free legal advice. There are many law blogs. But the problem is that many of them are written for lawyers and law students. They use words that can't be understood by ordinary people.
Many lawyers, judges and law students consider themselves as superior to most human beings because of their knowledge of the law. It bothers me since the law is supposed to serve society. Since the law is meant to serve society as a whole, it is important that is must be understood by everybody.
This does not mean that we should all become lawyers. It means that although law is a highly specialized profession, the first duty of everybody in this profession is to make the law understandable to all; that's why all these articles are free legal advice.
Like I said, this blog is about law -but it's for the ordinary people, not the lawyers. It's for the ordinary folk so they will know what is good and bad for them, and that making them aware of the law will help us all improve society as a whole. This is free legal advice for everybody!
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.
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