Section 4: Downstream

The payment of a cheque may be guaranteed for all or part of its amount by a guarantee. This guarantee is provided by a third party, other than the drawee, or even by a signatory to the cheque.

The guarantee is given either on the cheque or on an allonge, or by a separate document indicating the place where it was made. It is expressed by the words “bon pour aval” or any other equivalent wording; it is signed by the giver of the guarantee. It is considered to result solely from the signature of the giver of the guarantee, affixed to the front of the cheque, except…

The guarantor is bound in the same way as the person he has guaranteed. His undertaking is valid even if the obligation he has guaranteed would be null and void for any reason other than a formal defect. When he pays the cheque, the guarantor acquires the rights resulting from the cheque against the guaranteed party and against those who are liable to the guaranteed party by virtue of the…