Short answer. Not for that part. Article 2061 provides that where you met the conditions for excussion and pointed out the debtor's property, a creditor who is negligent in going after it must bear the loss to the extent of that property if the debtor's insolvency resulted from the negligence. Your liability shrinks by what the creditor let slip.
What the law says
the creditor who is negligent in exhausting the property pointed out shall suffer the loss, to the extent of said property, for the insolvency of the debtor resulting from such negligence
Civil Code, Article 2061 — Creditor's Negligence in Excussion. Read the full provision →
The creditor's own negligence cuts your liability
A guarantor who properly invokes excussion does not just delay the creditor — he hands the creditor a job to do, and the creditor must do it with reasonable diligence. Article 2061 puts the price of failing on the creditor: the creditor who is negligent in exhausting the property pointed out shall suffer the loss, to the extent of said property, for the insolvency of the debtor resulting from such negligence. If you pointed the creditor to the debtor's property and he sat on it until it became worthless, that loss is his, not yours. Your exposure as guarantor drops by the value the creditor allowed to evaporate through his own inaction.
You must have done your part first
The protection is conditional. The article opens with the guarantor having fulfilled all the conditions required in the preceding article, meaning you must have properly asserted the benefit of excussion — raised it in time when the creditor came after you, and pointed out property of the debtor within reach and sufficient to cover the debt. A guarantor who stayed silent, or who gestured vaguely at assets that were never available or adequate, has not met those conditions and cannot invoke this rule. The creditor's duty of diligence is switched on by the guarantor having first done exactly what the law asks of him.
It reduces, it does not erase
The relief is measured, not total. You are relieved only to the extent of said property — the value that was lost because the creditor failed to pursue it — and only where the debtor's insolvency actually resulted from that negligence. If the pointed-out property would have covered half the debt, your liability falls by that half and no more; the rest remains yours. And the loss must trace to the creditor's carelessness rather than to some independent cause. Causation is the hinge: the creditor answers for the shortfall his own negligence produced, not for the debtor's insolvency at large.
Point out property so it can be proved later
Because everything turns on having identified real, reachable property and on the creditor's failure to act, the practical work is in the record. Point out specific assets of the debtor, in writing, with enough detail that they can be found and valued, and keep evidence that you did so and when. If the creditor then delays and the asset is lost, that paper trail is what converts Article 2061 from a good argument into a proven one. Vague or unrecorded warnings tend to collapse into a swearing contest the guarantor loses.