Article 1651. Performance by security provider

(1) The security provider is obliged to perform only if it has received, in textual form, a demand for performance with the necessary supporting documents attached, and which complies exactly with all other terms set out in the contract or other juridical act creating the security.
(2) Unless otherwise agreed, the security provider may invoke personal defenses it has against the creditor concerning the security or another legal relationship between them.
(3) The security provider is required to verify, with the standard of care expected from a person in its field of activity, whether all requirements for performance are fully met.
(4) The security provider is required to refuse performance based on the demand if it does not comply exactly with all established requirements, including if the performance demand is received by the security provider after the expiry of the time limit stipulated in the security.
(5) The security provider must without undue delay and at the latest within 7 days of receipt, in textual form, of a demand for performance:
a) perform in accordance with the demand; or
b) inform the creditor of a refusal to perform, stating the reasons for the refusal.
(6) If the creditor submits, together with the performance demand, the original document by which the security was assumed, the creditor’s waiver of the security is not presumed.