Guarantor’s Liability and its Ancillary Character
The guarantee, one of the oldest institutions of Civil Law, has notable importance during periods of economic recession, as the one Greece is going through in recent years.
This monography by Assistant Professor George Georgiades deals with the extent and limits of the guarantor’s liability and its close connection to the claim guaranteed, known as the “principle of the guarantee’s ancillary character”. Among the most important issues addressed in this monography are: (i) the meaning of the principle and the main characteristics of the guarantor’s liability· (ii) the reasons that led to the adoption of this principle· (iii) the contradiction of this principle to the related concept of subsidiarity· (iv) the exceptions to the rule of the “guarantee’s ancillary character” and their justification· (v) the way the guarantor’s liability affects every stage of the claim guaranteed, such as its creation, assignment, abolishment, fulfillment.
Other issues addressed therein include the protection of the guarantor as a consumer in the context of Law 2251/1994 and the extent of the guarantor’s liability when providing collateral for the repayment of a current account’s residual.