A creditor may turn to the guarantor when the borrower has no assets to pay. The original note with the guarantee is sufficient — no separate note is needed against the guarantor.
Question 2
After a guarantor pays the creditor, from which of the borrower's assets can he recover?
A guarantor's recovery rights are weaker than the original creditor's — he can only collect from the borrower's free (unsold) property, not from assets the borrower has already transferred.
Question 3
If a minor borrows money, when does he become obligated to repay?
A minor's debt becomes enforceable when he reaches adulthood. He is obligated morally and legally to repay, but enforcement is deferred until he has full legal capacity.
Question 4
Is a promissory note written against a minor borrower?
Courts do not compose promissory notes for minors, as the court's institutional power should not enforce a minor's debt that was incurred without full legal capacity.
Question 5
When a married woman borrows money with a promissory note, who is liable?
The wife herself is obligated to repay a loan she contracted, even though her independent financial standing is limited. Her husband is not automatically liable for her independent debts.