#Law Tip series

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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