Guarantee Law of the People.docx
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Guarantee Law of the People.docx
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GuaranteeLawofthePeople
GuaranteeLawofthePeople'sRepublicofChina
Order[1995]No.50ofPresidentofthePeople'sRepublicofChina
June30,1995
Adoptedatthe14thMeetingoftheStandingCommitteeoftheEighthNationalPeople'sCongressonJune30,1995,promulgatedbyOrderNo.50ofthePresidentofthePeople'sRepublicofChinaonJune30,1995,andeffectiveasofOctober1,1995
ChapterIGeneralProvisions
Article1ThisLawisformulatedforthepurposeofpromotingthecapitalflowandcommoditycirculation,safeguardingtherealizationofobligatoryright,anddevelopingthesocialistmarketeconomy.
Article2Insucheconomicactivitiesasloans,sales,goodsfreightandhireofprocessingwork,etc.,wherethecreditorneedstosafeguardtherealizationofhisobligatoryrightbythewayofguarantee,aguaranteemaybeestablishedinaccordancewiththeprovisionsofthisLaw.
ThemodesofguaranteeprovidedforinthisLawshallbeguaranty,mortgage,pledge,lienanddeposit.
Article3Inactivitiesofguarantee,theprincipleofequality,voluntariness,fairnessandgoodfaithshallbecompliedwith.
Article4Whenathirdpartyoffersthecreditoraguaranteeonbehalfofthedebtor,hemayrequirethedebtortoofferacounterguarantee.
TheprovisionsonguaranteeofthisLawshallbeapplicabletocounter-guarantee.
Article5Aguaranteecontractshallbeanaccessorycontracttothemastercontract.Wherethemastercontractisinvalid,theguaranteecontractshallalsobeinvalid.Whereanagreementisotherwisereachedintheguaranteecontract,thatagreementshallprevail.
Whereaguaranteecontractisaffirmedtobeinvalid,thedebtor,suretyorcreditorisinfault,theyshallrespectivelybeartherelevantcivilliabilityaccordingtotheirownfaults.
ChapterIIGuaranty
Section1GuarantyandGuarantor
Article6InthisLaw,guarantymeansthattheguarantorandthecreditoragreethat,whenthedebtorfailstoperformhisdebt,theguarantorwillperformthedebtorbeartheliabilityinaccordancewiththeagreement.
Article7Aguarantormaybealegalperson,otherorganizationoracitizenwhohasabilitytodischargeofdebtsonbehalfofothers.
Article8Thestateadministrativedepartmentsshallnotbeaguarantor,unlessthey,withtheapprovaloftheStateCouncil,transferloansforthepurposeofusingtheloansofforeigngovernmentsorinternationalorganizations.
Article9Suchinstitutionsandsocialorganizationsasschools,kindergartensandhospitals,etc.,whichareestablishedforthepurposeofpublicinterestshallnotbeaguarantor.
Article10Abranchorfunctionaldepartmentofanenterpriseaslegalpersonshallnotbeaguarantor.
Ifabranchofanenterpriseaslegalpersonhasbeendelegatedinwritingbythelegalperson,itmayoffertheguarantywithinthedelegationextent.
Article11Noorganizationorindividualmayobligeenterprisesorfinancialinstitutionssuchasabanktoofferguarantyforothers;enterprisesandfinancialinstitutionssuchasabankshallhavetherighttorefusetoofferguarantyforotherswhentheyareobligedto.
Article12Wheretherearetwoormoreguarantorsforthesamedebt,theguarantorsshall,accordingtotheirownguarantysharesagreedintheguarantycontract,beartheguarantyliability.Incaseofnoagreementontheguarantyshares,theguarantorsshallbearthejointliability.Thusthecreditormaydemandanyoftheguarantorstobeartheentireguarantyliability,andanyoftheguarantorsshallbeartheobligationtoguaranteetheentirerealizationoftheobligatoryright.Theguarantorwhohasbornetheguarantyliabilityshallbeentitledtoclaimrepaymentfromthedebtor,ortodemandotherguarantorsbearingthejointliabilitytosatisfyhimtheirsharesthattheyshallbear.
Section2GuarantyContractandGuarantyMode
Article13Theguarantorandcreditorshallenterintoaguarantycontractinwrittenform.
Article14Theguarantorandcreditormayenterintoaguarantycontractrespectivelyasforasinglemastercontract,andmayalso,withinthemaximumobligatoryrightamountasforaloancontractoccurredcontinuouslyduringacertainperiodoracommoditytradecontract,enterintoaguarantycontract.
Article15Aguarantycontractshallcontainthefollowingcontents:
1.thecategoriesandamountofamasterobligatoryrightguaranteed;
2.thetimelimitationtoperformthedebtbythedebtor;
3.theguarantymode;
4.thescopeguaranteedbytheguaranty;
5.thetimeperiodofguaranty;and
6.otheritemswhichthetwopartiesconsidernecessarytoagree.
Ifaguarantycontracthasthecontentsprescribedintheproceedingparagraphincomplete,itmaybesupplemented.
Article16Theguarantymodecontains:
1.thegeneralguaranty;and
2.thejointliabilityguaranty.
Article17Thatthepartiesinaguarantycontractagreethat,whenthedebtorcannotperformthedebt,theguarantyliabilityistobebornebytheguarantor,isthegeneralguaranty.
Theguarantorofageneralguarantymay,withouttrialorarbitrationonthedisputesofamastercontract,andbeforethedebtcannotbeperformedyetwithcompulsoryenforcementonthedebtors'propertyaccordingtothelaw,refusetobeartheguarantyliabilityforthecreditor.
Whenthereisanyoneofthefollowingcircumstances,theguarantorshallnotexercisetherightprescribedintheproceedingparagraph:
1.theaddressofthedebtorhaschanged,sothatitbecomesamajordifficultyforthecreditortodemandhimtoperformthedebt;
2.thepeople'scourtacceptingadebtor'sbankruptcycase,orderssuspensionofexecutionprocedure;or
3.theguarantorabandonstherightdescribedintheproceedingparagraphinwrittenform.
Article18Thatthepartiesinaguarantycontractagreethattheguarantoranddebtorbearthejointliabilityonadebt,isthejointliabilityguaranty.
Ifthedebtorofajointliabilityguarantycannotperformthedebtatthedateofexpirationofthedebtperformancetimelimitationprescribedinthemastercontract,thecreditormaydemandthedebtortoperformthedebt,andmayalsodemandtheguarantortobeartheguarantyliabilitywithintheextentofguaranty.
Article19Ifnoagreementortheagreementisnotclearontheguarantymodebytheparties,theguarantyliabilityshallbeborneaccordingtothejointliabilityguaranty.
Article20Theguarantorofageneralguarantyandjointliabilityguarantyshallbeentitledtohavethecounterpleadrightofthedebtor.Ifthedebtorabandonshiscounterpleadright,theguarantorshallstillbeentitledtohaverighttocounterplead.
Thecounterpleadrightmeansthattherightof,whenthecreditorexerciseshisobligatoryright,thedebtoraccordingtolegalreasonsexecutingthepetitionrightagainstthecreditor.
Section3GuarantyLiability
Article21Theguaranteedscopeofaguarantyconcludesthemasterobligatoryrightanditsinterest,contractualfine,damagecompensationandexpenseofcreditrealization.Ifthereisanagreementotherwiseintheguarantycontract,itshallbecompliedwith.
Ifnoagreementortheagreementisnotclearontheguaranteedscopeofaguarantybytheparties,theguarantorshallbeartheliabilitytotheentiredebt.
Article22Duringthetimeperiodofguaranty,wherethecreditorassignsthemasterobligatoryrighttoathirdpartyaccordingtothelaw,theguarantorcontinuestobeartheguarantyliabilitywithintheoriginalguaranteedscopeoftheguaranty.Ifthereisanagreementotherwiseintheguarantycontract,itshallbecompliedwith.
Article23Duringthetimeperiodofguaranty,ifthecreditorwantstopermitthedebtortoassignthedebt,heshallgetthewrittenconsentfromtheguarantor,theguarantorbearsnoguarantyliabilityonthedebtassignedwithouthisconsent.
Article24Ifthecreditoranddebtoragreetochangethemastercontract,theyshallgetthewrittenconsentfromtheguarantor,withoutthiswrittenconsent,theguarantorbearsnolongerguarantyliability.Ifthereisanagreementotherwiseintheguarantycontract,itshallbecompliedwith.
Article25Ifnoagreementonguarantyperiodbetweentheguarantorandcreditorofageneralguaranty,theguarantyperiodshallbe6monthsfromthedateofexpirationofthemasterdebtperformancetimelimitation.
Duringtheguarantyperiodagreedinthecontractordescribedintheproceedingparagraph,ifthecreditorhasnotfiledacaseagainstthedebtororappliedforthearbitration,theguarantorshallbeexemptedfromtheguarantyliability;ifthecreditorhasfiledacaseorappliedforthearbitration,theguarantyperiodshallbeappliedtotheprovisionsonthediscontinuanceoflimitationofaction.
Article26Ifnoagreementonaguarantyperiodbetweentheguarantorandcreditorofajointliabilityguaranty,thecreditorshallbeentitledtohavetherightwithin6monthsfromthedateofexpirationofthemasterdebtperformancetimelimitationtodemandtheguarantortobeartheguarantyliability.
Duringtheguarantyperiodagreedinthecontractordescribedintheproceedingparagraph,ifthecreditorhasnotdemandedtheguarantortobearguarantyliability,theguarantorshallbeexemptedfromtheguarantyliability.
Article27TheguarantorshallmakeaguarantyonacreditoccurredcontinuouslyaccordingtotheprovisionsofArticle14inthislaw,ifnoagreementonguarantytimeperiod,theguarantormayatalltimesinformthecreditorinwrittenformtoterminatetheguarantycontract,howevertheguarantorshall,asforthecreditoccurredbeforehavinginformedthecreditor,bearguarantyliability.
Article28Wheretherearebothaguarantyandaguaranteeofrealrightonasameobligatoryr
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