Article 1643. Time limit for resort to security

(1) If a time limit has been agreed, directly or indirectly, within which the creditor may resort to performance under the suretyship that establishes the solidary liability of the surety, the surety is no longer liable after expiration of the agreed time limit. However, the surety remains liable if the creditor had requested performance from the surety after maturity of the secured obligation but before expiration of the time limit for the suretyship.
(2) If a time limit has been agreed, directly or indirectly, within which the creditor may resort to performance under the suretyship that establishes the subsidiary liability of the surety, the surety is no longer liable after expiration of the agreed time limit. However, the surety remains liable if the creditor:
a) after maturity of the secured obligation, but before expiration of the time limit, has informed the surety of an intention to demand performance under the suretyship and has commenced appropriate attempts to obtain satisfaction as required according to Article 1641 paragraphs (2) and (3); and
b) informs the surety every 6 months about the status of these attempts, if so demanded by the surety.
(3) If performance of the secured obligations falls due upon, or within 14 days before, expiration of the time limit of the suretyship, the request for performance or the information according to paragraphs (1) and (2) may be given earlier than provided for in paragraphs (1) and (2), but no more than 14 days before expiration of the time limit of the suretyship.
(4) If the creditor has taken due measures according to paragraphs (1)-(3), the surety’s maximum liability is restricted to the amount that the secured obligations had on the last day of the time limit.