Co-Maker Responsibility

Good Morning

Hingi lang po sana ako ng advice regarding my case. Ganito po i signed as a co-maker sa isang kaibigan po. Ngaun po namatay po sya dahil sa dengue. ngaun ako na po ang hinahabol ng bangko at pinadalhan na po ako ng Notice of Hearing sa Metropolitan trial Court ng Makati which is this February. Ngaun hindi ko po alam kung anu na po ang gagawin ko. sana matulungan nyo po ako.

salamat.

The liability of a person who signs as a co-maker may be depending upon the terms and conditions of the contract which he signed to secure the debt or obligation of another. It may be considered as a guaranty if he only binds himself to the creditor to fulfill the obligation of the principal debtor in case the latter should fail to do so. On the other hand, if the person binds himself solidarily with the principal debtor, the contract which he signed will be denominated as a contract of suretyship (Article 2047, Civil Code of the Philippines). To validly determine the extent of your liability, we strongly suggest that you get a Lawyer or you go to the Public Attorney�s Office nearest to the place where you live and bring a copy of the document that you signed when you agreed to be your friend�s co-maker.

This is taken from the Bangko Sentral website:

http://www.bsp.gov.ph/publications/media.asp?id=3009


Isa Ka Bang Co-Maker? Paalala sa Publiko
10.10.2012

ISA KA BANG CO-MAKER?
PAALALA SA PUBLIKO

Tandaan ang mga sumusunod bago pumayag maging isang “co-maker”:

Sino ang co-maker? / Ano ang ibig sabihin ng co-maker? / Ano ang kahulugan ng co-maker?
Ang co-maker ay isang tao na nangangakong magbabayad ng utang ng ibang tao kapag hindi nito nakayanang bayaran ang nasabing utang.

Kailangan bang may co-maker tuwing uutang?
Depende sa patakaran ng institusyong nagpapautang. May mga nagpapautang na humihingi ng co-maker mula sa umuutang lalo na kung ito ay hindi nakapasa sa batayan sa pagpapautang ng nasabing institusyon. Ang co-maker ay hindi kailangang makinabang sa pagkakautang ngunit siya ay may obligasyong tiyakin na mababayaran ang utang, kabilang ang interes at iba pang kaakibat na bayarin sa pagkakautang na kanyang pinirmahan bilang co-maker.

Kapag hindi nakabayad ang taong nangutang, dapat bang ang co-maker ang magbayad nito?
Oo. Hindi kinakailangang singilin muna ang pangunahing nangutang upang mapanagot ang co-maker. Bilang co-maker, siya ay maaaring pagbayarin sa pagkakautang tulad ng pangunahing nangutang. Maaaring gawin ng nagpautang ang mga sumusunod na hakbang kapag hindi nakabayad ang nangutang:

• Singilin ang buong halaga ng utang, kabilang ang interes at iba pang kaakibat na bayarin sa pagkakautang sa co-maker; o
• Ihabla ang co-maker kasama ang pangunahing nangutang upang masingil ang utang; at
• Singilin ang co-maker ng mga “late fees” o “collection costs”.

Ano ang maaaring gawin ng co-maker na nagbayad ng utang ng pangunahing nangutang?
Maaaring singilin ng co-maker ang pangunahing nangutang para sa halagang kanyang binayaran sa nagpautang.

Para sa mga karagdagang katanungan, maaari kayong makipag-ugnayan sa:

The Head
Financial Consumer Affairs Group
Supervision and Examination Sector, BANGKO SENTRAL NG PILIPINAS
A. Mabini St., Malate, Manila 1004
E-mail: consumeraffairs@bsp.gov.ph I Tel. No.: 708-7701 local 2584

By becoming a Co-Maker or Guarantor, you are guaranteeing the solvency of your friend, the principal debtor, to his creditor. This means that you are bound yourself to his creditor to pay what he loaned in case he should fail to do so (Article 2047, Civil Code of the Philippines). Nevertheless, you cannot be compelled to pay your friend�s loan unless his creditor has exhausted all his properties and has resorted to all the legal remedies against him. This is called the benefit of excussion (Article 2058, id.). However, the benefit of excussion shall not apply in the following instances: 1) if the guarantor has expressly renounced it; 2) if he has bound himself solidarily with the debtor; 3) in case of insolvency of the debtor; 4) when the debtor has absconded, or cannot be sued within the Philippines unless he has left a manager or representative; 5) if it may be presumed than an execution on the property of the principal debtor would not result in the satisfaction of the obligation (Article 2059, id.)

To make use of the benefit of excussion, you need to set it up against your friend�s creditor once he demanded payment from you and point up to him available property of your friend within the Philippines that is sufficient to cover the amount of his loan (Article 2060, id.) However, if you cannot set up the benefit of excussion and you are compelled to pay the debt of your friend, you shall have the right to ask from him to indemnify you whatever amount you have paid to his creditor. All the rights, which the original creditor had against your friend will be vested to you once you made the payment. The indemnity that may be paid to you shall be comprised of the following: 1) the total amount of the debt; 2) the legal interests thereon from the time the payment was made known to the debtor, even though it did not earn interest for the creditor; 3) the expenses incurred by the guarantor after having notified the debtor that payment has been demanded of him; 4) damages, if they are due (Article 2066, id.).