Liability of guarantor

(1) On the instrument creating liability on the part of a guarantor there shall be specifically stated the maximum amount for which such guarantor is liable. (2) That portion of a loan for which guarantors are required may be guaranteed by one or more persons each of whom shall be deemed to be severally, and not jointly, liable for an amount not exceeding– (a) a sum equal to the total amount for which guarantors are required after deduction of any payment made in reduction of the loan; or (b) the maximum amount specified in accordance with paragraph (1) of this rule, whichever is the less. (3) The provisions of this rule shall have effect notwithstanding anything contained in the Bills of Exchange Act. CAP. 245.