The Necessity of the Creditor, the Debtor and the Commodity Given As Loan to Be Specified
Issue No.1980- In a surety agreement, the creditor, the debtor and the commodity given as loan should be specified. In case, therefore, there are two creditors of a person and the surety willing to guarantee says, ‘I guarantee to pay the debt of one of you”, his guarantee is of no use. Similarly, if there are two debtors of a person, and the person willing to guarantee says, “I guarantee to pay you the debt of one of them”, his becoming a guarantor is void, as he has not specified which one’s debt he would pay. Similarly, if a person has to take 100 kgs of wheat and £100.00, and the surety says, “I guarantee to pay one of the two debts” and does not specify which debt, the guarantee is not in order.
