When a potential borrower turns to a lender and applies for financing for consumer or business purposes, the lender must assess whether or not the borrower has sufficient capacity to repay the loan. Two options will often come to mind for most lenders. First, the lender may require more than one individual or agency to sign the same replacement loan that appeases the loan. In this scenario, more than one borrower promises to repay the entire loan. Second, a non-borrower may be required to guarantee repayment of the borrower`s debts and/or to provide the lender with certain guarantees that can be recovered by the lender if the borrower does not repay the loan. This article discusses some of the differences between these options. “Article 1207. The agreement of two creditors or two or more debtors in the same obligation does not mean that each of the first debtors has the right to demand full compliance with the prior decision or that each of these creditors is required to comply fully with the pre-post. A firm liability exists only if the obligation is expressly prescribed or if the law or the nature of the obligation requires solidarity. (1137a)” (Emphasen) Therefore, your responsibility to the bank as a co-contractor, i.e. half of the total loan, in the absence of a clear obligation in the loan agreement that your responsibility as a co-contractor is jointly assumed, i.e. half of the total loan.
Since Marie also left a property or estate after her death, the bank can also continue her estate to recover the debts. Dear OAP, my friend Marie recently passed away from coronavirus disease in 2019 or covid-19. Unfortunately, Marie, as a principal borrower, had an unpaid commitment or an unpaid loan from a bank, and I signed the document as a co-maker. I received a letter from the bank threatening to sue me for non-payment of the loan. I cannot pay the loan because I do not have a job because the community quarantine is done in the country. I told the bank to close the lot. Also, I have not seen or read these documents on the unpaid balance, but I have been told that it has reached hundreds of thousands of people for interest, penalties, etc. What am I supposed to do? Diana The first option includes a situation in which two or more people sign the same sola change note. This scenario is commonly referred to as two people who “co-sign” the same note, but if several signatories perform the same instrument, the same legal effect may not always be the same. The extent of a “co-signer” responsibility depends on the language of each document. For example, one case in Minnesota found that two “co-signers” who perform the same note resulted in a single “co-signer” being primarily responsible for clearing the underlying rating of the proven debt. Therefore, the first option mentioned above is described more accurately than two “co-creators” of the same note.
Therefore, if the loan agreement explicitly or explicitly states that you are jointly responsible for the debt with Mary as the principal debtor, then you are the co-responsible for the loan agreement.