The creditor may release or compound with the surety without releasing the principal, but the release of or compounding with one surety shall discharge a cosurety. History. Orig. Code 1863, § 2129; Code 1868, § 2124; Code 1873, § 2152; Code 1882, § 2152; Civil Code 1895, § 2970; Civil Code 1910, § 3542; Code […]
Any change in the nature or terms of a contract is called a “novation”; such novation, without the consent of the surety, discharges him. History. Orig. Code 1863, § 2130; Code 1868, § 2125; Code 1873, § 2153; Code 1882, § 2153; Civil Code 1895, § 2971; Civil Code 1910, § 3543; Code 1933, § […]
Any act of the creditor, either before or after judgment against the principal, which injures the surety or increases his risk or exposes him to greater liability shall discharge him; a mere failure by the creditor to sue as soon as the law allows or neglect to prosecute with vigor his legal remedies, unless for […]
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 power, shall operate to discharge the surety. […]
Any surety, guarantor, or endorser, at any time after the debt on which he or she is liable becomes due, may give notice in writing to the creditor, his or her agent, or any person having possession or control of the obligation, to proceed to collect the debt from the principal or any one of […]
The creditor shall pursue his remedy against the surety within the time prescribed by law; and no payment or promise by the principal or by a cosurety shall extend the obligation of the surety or the remedy of the creditor against him. History. Orig. Code 1863, § 2135; Code 1868, § 2130; Code 1873, § […]
If by an act of the creditor the surety is discharged and in ignorance of the fact of the discharge the surety promises to pay, the promise shall not be binding. History. Orig. Code 1863, § 2136; Code 1868, § 2131; Code 1873, § 2158; Code 1882, § 2158; Civil Code 1895, § 2976; Civil […]
Code Sections 10-7-20 through 10-7-26 shall be superseded to the extent of any conflict by the provisions of Article 3 of Title 11, the “Uniform Commercial Code — Negotiable Instruments,” relating to the discharge of any party to a negotiable instrument. History. Ga. L. 1997, p. 143, § 10. Cross references. Discharge of party to […]
When the fact of suretyship appears on the face of the contract, the creditor shall sue out process against the surety and enter up judgment against him as such. History. Laws 1845, Cobb’s 1851 Digest, p. 598; Laws 1850, Cobb’s 1851 Digest, p. 600; Code 1863, § 2137; Code 1868, § 2132; Code 1873, § […]
It shall be lawful to enter judgment against principal and sureties at the same time, as in cases of appeal, in all cases in law or equitable proceedings when a bond has been given by the losing party conditioned to pay the eventual condemnation money in the action; and it shall not be necessary to […]
For the purposes of this Code section, the term “obligee” shall include any obligee or beneficiary pursuant to the terms of the contract of suretyship. In the event of the refusal of a corporate surety to commence the remedy of a default covered by, to make payment to an obligee under, or otherwise to commence […]
Where a payment bond or security deposit is provided pursuant to a contract for the construction of an improvement to property other than a public work, every person entitled to claim the protection of the payment bond or security deposit who has not been paid in full for labor or material furnished in the prosecution […]
