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.