A guarantor or guarantors may be provided to guarantee the liabilities on a bill.
Any person or persons, except for a person already liable on the bill, may become the guarantor or guarantors referred to in the preceding paragraph.

A guaranty shall be made in writing on the bill, or on a duplicate of the bill, stating the following items, and shall be signed by the guarantor or guarantors:
1. An expression of intent by the guarantor or guarantors to act as such.
2. Name of the person guaranteed.
3. Year, month, and date.
If a guaranty is undated, the date of drawing of the bill shall be the date of guaranty.

If a guaranty dose not specify the person guaranteed, it is deemed to be made for the acceptor, or, if the bill is not yet accepted, for the drawer. But this provision shall not apply if the identity of the person guaranteed may reasonably be presumed or ascertained.

A guarantor shall assume the same liabilities as the person guaranteed.
Even if the liabilities contracted by the person guaranteed are void, the guarantor shall remain liable for the obligations arising from the guaranty. But this provision shall not apply if the liabilities of the person guaranteed are void by reason of a certain defect or defects in form.

When two or more persons act as guarantors together, they are jointly and severally liable.

A guaranty may be made to guarantee only a part of the amount payable by the bill.

After discharge of the liabilities on the bill by payment, the guarantor is subrogated for and succeeds to the right of recourse of the holder against the acceptor, the person guaranteed, and any party prior thereto.