I went to a guarantor for a loan agreement. Four others signed as well. Can I pursue them to help pay the loan under commercial law? I had no financial gain from the business.
Guarantors are pursued by the creditor (usually the bank) when the debtor defaults on a payment. Why would you be getting the other guarantors to pay the creditor now? Are you the debtor?
I would say you have an action for co-contribution toward the debt from the other co-guarantors. Therefore, you can seek indemnity from the other guarantors and from the debtor him/herself.
I would say you have an action for co-contribution toward the debt from the other co-guarantors. Therefore, you can seek indemnity from the other guarantors and from the debtor him/herself.