Section 3--416. Contract of Guarantor.

(1) "Payment guaranteed" or equivalent words added to a signature mean
that the signer engages that if the instrument is not paid when due he
will pay it according to its tenor without resort by the holder to any
other party.

(2) "Collection guaranteed" or equivalent words added to a signature
mean that the signer engages that if the instrument is not paid when due
he will pay it according to its tenor, but only after the holder has
reduced his claim against the maker or acceptor to judgment and
execution has been returned unsatisfied, or after the maker or acceptor
has become insolvent or it is otherwise apparent that it is useless to
proceed against him.

(3) Words of guaranty which do not otherwise specify guarantee
payment.

(4) No words of guaranty added to the signature of a sole maker or
acceptor affect his liability on the instrument. Such words added to the
signature of one of two or more makers or acceptors create a presumption
that the signature is for the accommodation of the others.

(5) When words of guaranty are used presentment, notice of dishonor
and protest are not necessary to charge the user.

(6) Any guaranty written on the instrument is enforcible
notwithstanding any statute of frauds.