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
Rights and risks for the guarantor include the potential for significant financial exposure and the obligation
In Finland, takausvelvollinen operates under general contract law and the specific terms of the guarantee agreement.