According to the Consumer Protection Act, consumers who take on the liability of a loan as co-debtors, bailsmen or guarantors have the right to certain information. The loan granting bank must inform them, inter alia about the financial situation of the principal debtor. The Supreme Court for Civil Matters applies these rules also to consumers which provide bank guarantees. A consumer who provides an abstract bank guarantee is just as liable with all of his private assets (vis-à-vis the issuing bank) as is a co-debtor, bailsman or guarantor. (1Ob40/17i)
Regardless of how you do it…
