#Law Tip series

in #en-gb • 6 years ago (edited)

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Tip:

A GUARANTOR is technically a debtor. He steps into the shoes of the guaranteed debtor when he fails to pay. In other words, the creditor can proceed against the guarantor where the main debtor fails to pay.
I therefore urge you to think twice before you sign a Guarantor’s form/agreement, and never guarantee more than an amount you can afford to lose.

See the case of CROWN FLOUR MILLS LTD V. OLOKUN (2008) 4 NWLR (PT. 1077), 254

#nigeria #esteem #reachout #stach
6 years ago in #en-gb by
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     6 years ago 

    Congratulations! Your post has been upvoted by Reach Out, which is proudly sponsored by @eturnerx. Our goal is to support Nigerian minnows on Steemit. Join our discord group https://discord.gg/mMHW5e8

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     6 years ago 

    Thank you reachout and @eturnerx

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