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.)
Section 8-3-7 – Rights of Surety Sued Separately and Paying Judgment.
Section 8-3-7 Rights of surety sued separately and paying judgment. If the surety is sued separately from his principal, on payment by him of the judgment against him, he shall be entitled to control the judgment and execution against his principal in the same manner as if the judgment and execution were joint; and if […]
Section 8-3-8 – Payments by Surety Pending Action.
Section 8-3-8 Payments by surety pending action. If the surety pays off the debt pending an action against the principal and himself or against the principal alone, such payment shall operate only to cause the action to proceed for the benefit of such surety, and the judgment may be entered in the name of the […]
Section 8-3-9 – Contribution by Cosureties.
Section 8-3-9 Contribution by cosureties. All the foregoing provisions of this article shall apply to cases where there are more than one surety, so as to enable a surety discharging a joint debt, in whole or in part, either pending the action or after joint or several judgments, to control the same against his cosureties […]
Section 8-3-10 – Control of Judgment by Endorser Upon Payment of Debt.
Section 8-3-10 Control of judgment by endorser upon payment of debt. (a) Every endorser who shall pay off and discharge the debt on which he is endorser, either pending the action or after judgment, whether the judgment be joint against the principal and all the endorsers or several against such, shall be entitled to control […]