Shu'bah bin al-Hajjaj (may Allah have mercy on him) narrates from al-Hakam and Hammad (may Allah have mercy on them both) that they both said, concerning a man who stood guarantor for the person of another man and then that man died: one of them said: He is liable for the dirhams; and the other said: Nothing is due from him.
Hadith Referenceالسنن الكبرى للبيهقي / كتاب الضمان / 11419