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  • Phil. Export v. V.P. Eusebio

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    Phil. Export v. V.P. Eusebio involved a construction project that was delayed. The doctrine states that a guarantor binds themselves to fulfill a debtor's obligation if the debtor fails, creating a guaranty. A guarantee being unconditional and irrevocable does not make the guarantor a surety, as a guaranty is still subsidiary and conditional on the debtor defaulting first before requiring payment from the guarantor.

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    Phil. Export v. V.P. Eusebio involved a construction project that was delayed. The doctrine states that a guarantor binds themselves to fulfill a debtor's obligation if the debtor fails, creating a guaranty. A guarantee being unconditional and irrevocable does not make the guarantor a surety, as a guaranty is still subsidiary and conditional on the debtor defaulting first before requiring payment from the guarantor.

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    2 views1 page

    Phil. Export v. V.P. Eusebio

    Uploaded by

    maanyag6685
    Phil. Export v. V.P. Eusebio involved a construction project that was delayed. The doctrine states that a guarantor binds themselves to fulfill a debtor's obligation if the debtor fails, creating a guaranty. A guarantee being unconditional and irrevocable does not make the guarantor a surety, as a guaranty is still subsidiary and conditional on the debtor defaulting first before requiring payment from the guarantor.

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    © All Rights Reserved
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    Phil. Export v. V.P.

    Eusebio
    FACTS: Respondent entered into contract with SOB for construction of Therapy Bldg. SOB
    demanded bonds to secure performance. Project was delayed
    DOCTRINE: 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; if the person binds
    himself solidarily with the principal debtor, the contract is called suretyship.
    That the guarantee issued by the petitioner is unconditional and irrevocable does not
    make the petitioner a surety. As a guaranty, it is still characterized by its subsidiary and
    conditional quality because it does not take effect until the fulfillment of the condition.
    Unconditional guarantee is still subject to the condition that the principal debtor should default in
    his obligation first before resort to the guarantor could be had.

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