WHAT ARE THE CHARACTERISTICS OF THE SURETY AGREEMENT?
If we look at the characteristics of the Suretyship Contract; firstly, it is based on mutually appropriate declarations of will. It is essential to be in writing, it cannot be made orally. Although this is a condition of form, it is also a condition of validity. To look at other features:
This contract is a contract that imposes an obligation on one party. It is the guarantor who is under obligation. The creditor of the principal debt does not have any obligation in the surety agreement.
The surety is the principal debtor and the surety is a secondary debtor. This means that the surety cannot be applied to the debtor in the principal debt relationship, i.e. the surety, without pursuing against the principal debtor, i.e. the surety.
There must be a valid principal debt relationship. Accordingly, the surety’s obligation is of an accessory nature. As long as the principal debt continues, the surety’s debt also continues.
The parties must have the capacity to act.
No approval of the principal debtor is required for the surety to assume the debt.
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