Japanese law distinguishes between guarantors (hosho-nin, Civil Code Art. 446) with three defenses (demand Art. 452, search Art. 453, division Art. 456) and joint guarantors (rentai-hosho-nin, Art. 454) who have none. The 2020 reform added protections: maximum amount required for all individual revolving guarantees (Art. 465-2), notarized declaration for business loan guarantees (Art. 465-6), and mandatory disclosure obligations (Art. 458-2, 458-3, 465-10).
Guarantor Liability in Japan: 2020 Civil Code Reform Guide
Key Takeaways
- ✓Joint guarantors bear the same liability as the primary debtor
- ✓The 2020 reform requires maximum amount limits for personal revolving guarantees
- ✓Business loan guarantees now require notarized confirmation of intent
- ✓Debt restructuring may be available even after becoming a guarantor
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