Short answer. Yes, and more than that. Article 2064 of the Civil Code gives the guarantor of a guarantor the benefit of excussion at both levels — the creditor must first exhaust the principal debtor's property, and then the guarantor's property, before reaching you.
What the law says
The guarantor of a guarantor shall enjoy the benefit of excussion, both with respect to the guarantor and to the principal debtor.
Civil Code, Article 2064 — Sub-Guarantor's Excussion. Read the full provision →
The benefit of excussion explained
Excussion is the guarantor's right to require the creditor to exhaust the debtor's assets first before pursuing the guarantor. It is a defence that keeps the guarantor at the back of the line. When you guarantee not the borrower but the borrower's own guarantor, you are a step further removed — sometimes called a sub-guarantor or guarantor of the second degree. Article 2064 makes clear that in this position, you enjoy excussion at both levels: the creditor must go through the principal debtor, then through the first guarantor, before reaching you.
Why two levels of excussion matter
Being a guarantor of a guarantor sounds like being at the very bottom of the priority list — and that is exactly what the law confirms. The creditor is obliged to pursue the principal debtor's property first. Only if that is insufficient does the creditor turn to the first guarantor. Only if the first guarantor's property is also insufficient does the creditor reach you. In a chain of guaranty, your exposure is real but it is the last resort, not the first. Knowing this changes how you should respond if a creditor contacts you demanding payment.
How to invoke excussion in practice
The benefit of excussion is not automatic in the sense that the creditor will politely wait. In practice, when a creditor moves against you, you must raise excussion as a defence and point out that there are still assets of the principal debtor and the first guarantor that have not been exhausted. You should also be able to show that those assets are sufficient and identifiable. If the first guarantor and the principal debtor are genuinely without assets, the argument loses its force — but that is for the creditor to establish, not simply to assert.
Assessing your actual exposure
The practical value of your two-level protection depends on whether the principal debtor and the first guarantor have real, reachable assets. If they do, you are well protected. If both are insolvent or have hidden their property, you may end up on the hook despite being the last in line. Before assuming you are safe, it is worth understanding the financial condition of those ahead of you in the chain. Speaking with a lawyer about the specific facts — the loan amount, the assets of the debtor and first guarantor, and your own exposure — will give you a clearer picture of your actual risk.