§ 10-7-57. Subrogation to Rights of Creditor — as to Securities Held by Creditor
A surety who has paid the debt of his principal shall also be entitled to be substituted in place of the creditor as to all securities held by him for the payment of the debt. History. Orig. Code 1863, § 2156; Code 1868, § 2151; Code 1873, § 2177; Code 1882, § 2177; Civil Code […]
§ 10-7-51. Compelling Contribution — Interest on Sum Recovered as Contribution
The sum recovered as contribution shall bear interest from the time the original obligation was paid by the surety and shall be deemed and held a liquidated demand. History. Orig. Code 1863, § 2152; Code 1868, § 2147; Code 1873, § 2174; Code 1882, § 2174; Civil Code 1895, § 2993; Civil Code 1910, § […]
§ 10-7-52. Compelling Contribution — Duty to Account for Indemnification From Principal; Compelling Transfer of Security From Principal
A surety suing for contribution must first account for all money or other things received from the principal to indemnify him against loss; and, if he has paid the entire debt, he may compel his cosurety to transfer to him any mortgage or other security taken from the principal for the protection of such cosurety, […]
§ 10-7-29. Judgment Against Principal and Surety at Same Time
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 […]
§ 10-7-53. Compelling Contribution — Controlling Action on Debt and Judgments Therein
Code Sections 10-7-40 through 10-7-49 shall apply to cases where there is 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 for the purpose of compelling them to […]
§ 10-7-30. Bad Faith Refusal of Corporate Surety to Perform Suretyship Contract
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 […]
§ 10-7-54. Endorser’s Right to Control Judgment on Debt and Execution Thereon
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 against the principal and the endorsers is joint or several, shall be entitled to control the judgment and execution founded thereon against the principal and all prior endorsers, in the […]
§ 10-7-31. Rights of Certain Parties Claiming Protection Under a Payment Bond or Security Deposit; Notice of Commencement of Work
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 […]
§ 10-7-55. Protection of Bona Fide Purchasers When Surety Controls Judgment
When the surety does not appear to be such in the judgment and execution, the lien of such judgment, when controlled by the surety, shall not interfere with bona fide purchasers without notice from the principal, whose rights were vested before the order giving control to the surety was granted. History. Laws 1845, Cobb’s 1851 […]
§ 10-7-40. Attachment Against Principal
A surety or endorser is entitled to the process of attachment against his principal before payment of the debt under the same circumstances as any other creditor. History. Orig. Code 1863, § 2138; Code 1868, § 2133; Code 1873, § 2160; Code 1882, § 2160; Civil Code 1895, § 2979; Civil Code 1910, § 3551; […]