The bank has the right to demand debt repayment from both the borrower and the surety.

Suretyship seems like a simple formality, but in practice it can result in debts, asset seizure, and limitation of rights, reports 1prof.by. Regarding the real risks of suretyship and what to do if the bank makes demands, lawyer Roman Navoiv from the Gomel Regional Bar College reminded.

According to the lawyer, suretyship is a full-fledged civil-law obligation, under which the surety answers to the creditor to the same extent as the debtor. In other words, by agreeing to suretyship, a person assumes joint liability.

This means that the bank has the right to demand debt repayment from both the borrower and the surety, explained Roman Navoiv.

The lawyer noted that the surety's responsibility may not be limited to the principal amount. In fact, it can be significantly higher.

For example, if the borrower takes money on loan, this does not mean the surety will pay the same amount. The contract may provide for interest for using the funds, so the amount may increase, warned the lawyer.

He also pointed out that additional liquidated damages are often specified in the suret