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Legal changes affect guarantors' rights and obligations
Business, Tilleke & Gibbins International Ltd, Published on 10/07/2015
ยป Guarantors are subject to a number of important obligations under Thai law. A guarantor can be held jointly liable with a debtor, or worse, solely and entirely liable as a primary debtor. In addition, creditors often use their higher bargaining power to force guarantors to waive their rights as secondary debtors, meaning that certain fundamental rights, such as the requirement for creditors to first call on debtors, are no longer enforceable.
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