Section 8-3-41 – Issuance of Execution on Judgment Paid by Surety; Collection of Money From Principal Debtor or Cosureties.
Section 8-3-41 Issuance of execution on judgment paid by surety; collection of money from principal debtor or cosureties. (a) If a judgment is entered by any court against a principal debtor and his surety, or against his sureties, and one or more of his sureties shall pay and satisfy the judgment, the same shall be […]
Section 8-3-42 – Sureties Entitled to Summary Judgment Against Principal and Between Each Other.
Section 8-3-42 Sureties entitled to summary judgment against principal and between each other. Sureties, whether bound on the contract or instrument with the principal debtor as joint or joint and several obligors or promisors, as accommodation drawers, acceptors, or endorsers of a bill of exchange or in any other manner, are entitled to a summary […]
Section 8-3-15 – Court in Which Complaints Filed.
Section 8-3-15 Court in which complaints filed. In cases not otherwise provided for in this chapter, complaints must be filed in the circuit court of the county in which the parties, or any of them, against whom the complaint is filed reside or, if they are nonresidents or have no fixed residence in the state, […]
Section 8-3-30 – When Surety on Replevy Bond May Demand Collateral Security; Seizure of Property if Collateral Not Given; Disposition of Seized Perishable Property.
Section 8-3-30 When surety on replevy bond may demand collateral security; seizure of property if collateral not given; disposition of seized perishable property. (a) When the principal in any replevy bond is wasting the replevied property or is removing or is about to remove himself or property out of the state, the surety or sureties […]
Section 8-3-40 – Transfer of Judgment to Surety Upon Payment of Same by Surety.
Section 8-3-40 Transfer of judgment to surety upon payment of same by surety. (a) Whenever a judgment is obtained by a creditor on a demand to which there are one or more sureties, the sureties may pay such demand, and the same shall be transferred by operation of law to the surety or sureties paying […]
Section 8-3-2 – Rights of Surety Who Has Paid Debt.
Section 8-3-2 Rights of surety who has paid debt. A surety who has paid his principal’s debt is entitled to a transfer of the original and collateral security which the creditor holds; he has all the rights to realize thereon and to reimburse himself to the same extent as the creditor might have done before […]
Section 8-3-3 – Remedies Given Sureties Not Exclusive.
Section 8-3-3 Remedies given sureties not exclusive. The remedies given sureties and cosureties in this chapter are not exclusive of other remedies conferred by statute or existing at common law, but are cumulative and additional. (Code 1907, §5386; Code 1923, §9545; Code 1940, T. 9, §79.)
Section 8-3-4 – Tender by Surety Discharges Surety.
Section 8-3-4 Tender by surety discharges surety. The surety may tender to the creditor the amount of his debt and demand that the evidence of and the securities for the same be delivered up to him to be enforced against his principal or cosureties; and a failure of the creditor to comply, when within his […]
Section 8-3-5 – Rights of Surety Against Principal Upon Payment of Debt.
Section 8-3-5 Rights of surety against principal upon payment of debt. Payment by a surety or endorser of a debt past due entitles him to proceed immediately against his principal for the sum paid, with interest thereon, and all legal costs to which he may have been subjected by the default of the principal. (Code […]
Section 8-3-6 – Suretyship May Be Proved by Parol.
Section 8-3-6 Suretyship may be proved by parol. If the fact of suretyship does not appear on the face of the contract, it may be proved by parol, either before or after the judgment. (Code 1907, §5389; Code 1923, §9548; Code 1940, T. 9, §82.)