Fianzas

Fianzas are guarantees in which a third party, called the fiador or garante, commits to fulfill a debtor’s obligation if the principal debtor fails to do so. The guarantee can cover the payment of money, the performance of contractual duties, or a person’s appearance before a court. Fianzas are commonly used in civil, commercial, housing, and administrative contexts in many Spanish‑speaking countries. The guarantor’s liability is typically activated only upon default by the principal obligor and is defined up to a specified amount or scope.

The parties and liability terms are central to a fianza. The fiador agrees to assume liability, which in many jurisdictions can be joint and several with the debtor, meaning the creditor may pursue the guarantor without first exhausting the debtor’s resources. The duration of the guarantee, conditions for release, and any limits on the guarantor’s liability are set by contract and applicable law. Creditors may assess the guarantor’s solvency, assets, and guarantees before accepting a fianza.

Common types include fianza mercantil (commercial guarantee), fianza civil (general civil guarantee), fianza de arrendamiento (lease guarantee), and fianza penal (bail to secure appearance in court). In some systems, fianza also functions as bail money deposited to secure release, with forfeiture or release depending on adherence to conditions. Regulation varies by jurisdiction, often under civil or commercial codes, with specific provisions on scope, subrogation rights, and termination. For parties, fianzas offer a mechanism to secure performance or compliance, while carrying potential financial risk for the guaranteed and the guarantor.