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X owes Y P 100,000.When Y asked that X puts up a security ( collateral) on the debt, Z verbally committed to Y :Don't bother,

X owes Y P 100,000.When Y asked that X puts up a security ( collateral) on the debt, Z verbally committed to Y :"Don't bother, if X does not pay, I will pay the amount." Is this arrangement okay legally? Explain.

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