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Scope of Rules Concerning Personal Guarantee Agreements (Report of Workshops (4))

Author

Listed:
  • Kazutoshi Sugimura

    (Bank of Japan)

  • Masaru Itatani

    (Bank of Japan)

  • Masaki Bessho

    (Bank of Japan)

Abstract

The draft legislation revising the Law of Obligations (the Civil Code) introduces a number of new rules which impose procedural requirements on the personal guarantee agreement formation process. These new rules are desirable as people becoming guarantors without adequately considering the risks involved has been a major social problem in Japan. However, there are a number of other forms of contractual arrangements which have similar legal functions to personal guarantees. The Report of the Workshops on "Contemporary Financial Transactions and Their Regulatory Treatment" (2016) (the "Report") discusses the appropriate scope of the new requirements when parties employ forms of contractual arrangements other than personal guarantee agreements in order to achieve a similar legal function. The Report uses an analytical framework from the economics literature as a point of reference for legal discussions.

Suggested Citation

  • Kazutoshi Sugimura & Masaru Itatani & Masaki Bessho, 2017. "Scope of Rules Concerning Personal Guarantee Agreements (Report of Workshops (4))," Bank of Japan Research Laboratory Series 17-E-4, Bank of Japan.
  • Handle: RePEc:boj:bojlab:lab17e04
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    File URL: http://www.boj.or.jp/en/research/wps_rev/lab/lab17e04.htm
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    More about this item

    Keywords

    personal guarantee; cumulative assumption of obligations;

    JEL classification:

    • D86 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Economics of Contract Law
    • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law

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