1. CLASSIFICATION OF GUARANTY
1. In the broad sense
a.) Personal - the guaranty is the
credit given by the person who guarantees the
fulfillment of the principal obligation (guarantor)
b.) Real - the guaranty is property. If the guaranty is
immovable property: real mortgage or antichresis; If
the guaranty is movable property: pledge or chatter
mortgage
2. CLASSIFICATION OF GUARANTY
2. As to origin
a.) Conventional - by agreement of the
parties
b.) Legal - imposed by law
c.) Judicial - required by a court to
guarantee the eventual right of one of the
parties in acase
3. CLASSIFICATION OF GUARANTY
3. As to consideration
a.) Gratuitous - the guarantor does not
receive anything for acting as guarantor
b.) Onerous - the guarantor receives
valuable consideration for acting as guarantor
4. CLASSIFICATION OF GUARANTY
4. As to person persons guaranteed
a.) Single - the guarantor receives valuable
consideration for acting as guarantor
b.) Double or Sub-guaranty - constituted to
secure fulfillment of a prior guaranty;
guarantees the obligation of a guarantor
5. CLASSIFICATION OF GUARANTY
5. As to scope and extent
a.) Definite - limited to the principal
obligation only or to a specific portion thereof
b.) Indefinite or Simple - includes not only
the principal obligation but also all its
accessories, including judicial costs
