566. Equity of exoneration.

Where a debtor and a guarantor both charge their properties to secure the debt, the guarantor's equity of exoneration is to have the debt paid out of the debtor's property before the guarantor's property is appropriated for the debt1. Where a father conveyed his property into the joint names of himself and his son to enable the son to obtain a loan and a charge was executed on the property by both father and son as security, on the bankruptcy of the son the father was entitled to insist that the bankrupt's share was used to pay the loan