Takausvelvollinen

Takausvelvollinen is a person who has undertaken to guarantee another party’s obligations to a creditor under a guarantee agreement (takaus). In practice, the takausvelvollinen becomes liable if the primary debtor fails to fulfill the obligation, such as a loan, lease, or other credit arrangement. The primary debtor remains responsible, but the guarantor’s liability is activated when the creditor enforces the guarantee.

Liability terms can vary: the guarantee may be unlimited or capped, and if several guarantors exist, liability can be joint and several depending on the contract. The creditor may pursue the debtor first; if the debtor cannot or will not pay, the creditor can demand payment from the guarantor for the guaranteed amount, including any specified interest or costs. If the guarantor pays, they usually acquire a right of recourse against the debtor to recover the amount paid.

Rights and risks for the guarantor include the potential for significant financial exposure and the obligation to conduct due diligence before agreeing to guarantee. After fulfilling the obligation, the guarantor often has a subrogation right to claim repayment from the debtor. The guarantee can be released or terminated by mutual agreement, by the creditor’s release of the guarantor, or when the guaranteed obligation is discharged or expires under the terms of the contract.

In Finland, takausvelvollinen operates under general contract law and the specific terms of the guarantee agreement. Guarantors should carefully review the scope, duration, and any limits of liability before agreeing to assume the obligation.