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	NOTICE OF THE SUPREME PEOPLE'S COURT ON THE GUARANTEE PERIOD OF GUARANTEES OCCURRED BEFORE THE GUARANTEE LAW BEING EFFECTIVE

	(Interpretation No. 144 [2002] of the Supreme People's Court promulgated on August 1, 2002)


SUBJECT : GUARANTEE DISPUTE
ISSUING DEPARTMENT : THE SUPREME PEOPLE'S COURT OF THE PEOPLE'S REPUBLIC OF CHINA
ISSUE DATE : 08/01/2002
IMPLEMENT DATE : 08/01/2002
LENGTH : 343 words
TEXT :

After the promulgation of the Interpretations on Several Issues Concerning the Application of the Guarantee Law of the Peoples' Republic of China, Interpretation No.44 [2000] of this court on December 8, 2000, some departments and local courts suggested that there are no provisions on the determination of guarantee period of the guarantees occurred before the guarantee law took effect, and there are also no specific stipulations in the Provisions on Several Issues Concerning Guarantee in the Trial of Cases of Economic Contract Dispute. In order to correctly try the contract dispute cases concerning guarantee before the implementation of the guarantee law, and to safeguard the legal rights and interests of the creditors and other parties, the relevant issues are notified as follows with the consent of the Commission of Legislative Affaires of the Standing Committee of the National People's Congress:

I. Under the circumstance that the parties didn't agree about the guarantee period or the agreement is unclear in the guarantee contract signed before the guarantee law took effect, if the creditor claimed right against the principal debtor within the statutory limitation, making the principal debt not exceed the limitation, but didn't claim right against the guarantor, the debtor may claim right against the guarantor within 6 months from the day of promulgation of this Notice (from August 1, 2002 to January 31, 2003). If the creditor doesn't claim right within that period, the guarantor will no longer bear the liabilities.

II. Where the principal debtor entered bankruptcy procedures and the creditor didn't declare his creditor's right, the creditor may also claim the creditor's right against the guarantor within the aforesaid period; if the creditor has declared his creditor's right, he may claim right against the guarantor within 6 months after the termination of the bankruptcy procedures for the creditor's right that hasn't been compensated in the bankruptcy procedures.

III. This Notice shall not apply to the cases that have been concluded, the retried cases and the cases in which the principal debt has exceeded the limitation before the promulgation of this Notice.