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Take a look at your guarantor agreement and see if it first requires demand on the borrower before you can make demand on the guarantors. Most of the times, once there is default, you can make demand upon the guarantors and the borrower at the same time.
Otherwise, you can make a new demand for payment. No need to rescind the old one. Just make the new one and if the borrower does not pay within the time identified in your demand then you can make a demand on the guarantors. Then you can file suit against both, if they still do not pay.
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