Section 8-3-13 – Surety May Require Creditor to Bring Action Against Principal; Discharge of Surety Upon Failure to Bring Action.
Section 8-3-13 Surety may require creditor to bring action against principal; discharge of surety upon failure to bring action. (a) A surety upon any contract for the payment of money or for the delivery or payment of personal property may require the creditor or anyone having the beneficial interest in the contract, by notice in […]
Section 8-3-14 – Provisions of Chapter Inure to Benefit of Personal Representatives.
Section 8-3-14 Provisions of chapter inure to benefit of personal representatives. All the provisions of this chapter inure to the benefit of the personal representatives of the creditor or surety and in favor of sureties and cosureties against the personal representatives of the principal or of a surety. (Code 1852, §2649; Code 1867, §3076; Code […]
Section 8-3-1 – Relationship of Joint Makers of Notes, Bills, Etc.
Section 8-3-1 Relationship of joint makers of notes, bills, etc. Joint makers of notes, bills, bonds, or contracts for the payment of money are bound severally and jointly to the payee, transferee, or holder, jointly and severally, for the full amount due; but as between themselves, each is principal to the extent of his share […]
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.)