28-11-417. Surety’s right to reimbursement and contribution
28-11-417. Surety’s right to reimbursement and contribution. (1) If a surety satisfies the principal obligation or any part of the principal obligation, whether with or without legal proceedings, the principal is bound to reimburse what the surety has disbursed, including necessary costs and expenses, but the surety does not have a claim for reimbursement against other […]
28-11-418. Surety entitled to benefit of security held by creditor or cosurety
28-11-418. Surety entitled to benefit of security held by creditor or cosurety. A surety is entitled to the benefit of every security for the performance of the principal obligation held by the creditor or by a cosurety at the time of entering into the contract of suretyship or acquired by the creditor or cosurety afterwards, whether […]
28-11-419. Creditor entitled to benefit of security held by surety
28-11-419. Creditor entitled to benefit of security held by surety. A creditor is entitled to the benefit of everything which a surety has received from the debtor by way of security for the performance of the obligation and may, upon the maturity of the obligation, compel the application of such security to its satisfaction. History: En. Sec. […]
28-11-420. Principal’s property to be taken first
28-11-420. Principal’s property to be taken first. Whenever property of a surety is hypothecated with property of the principal, the surety is entitled to have the property of the principal first applied to the discharge of the obligation. History: En. Sec. 3696, Civ. C. 1895; re-en. Sec. 5693, Rev. C. 1907; re-en. Sec. 8208, R.C.M. 1921; Cal. […]
28-11-413. Effect of performance or offer of performance on surety’s liability
28-11-413. Effect of performance or offer of performance on surety’s liability. Performance of the principal obligation or an offer of such performance, duly made as provided in this code, exonerates a surety. History: En. Sec. 3683, Civ. C. 1895; re-en. Sec. 5685, Rev. C. 1907; re-en. Sec. 8200, R.C.M. 1921; Cal. Civ. C. Sec. 2839; Based on […]
28-11-414. Application to surety of rights of guarantor
28-11-414. Application to surety of rights of guarantor. A surety has all the right of a guarantor, whether the surety becomes personally responsible or not. History: En. Sec. 3690, Civ. C. 1895; re-en. Sec. 5687, Rev. C. 1907; re-en. Sec. 8202, R.C.M. 1921; Cal. Civ. C. Sec. 2844; Field Civ. C. Sec. 1565; re-en. Sec. 8202, R.C.M. […]
28-11-415. Power of surety to compel principal to perform
28-11-415. Power of surety to compel principal to perform. A surety may compel the surety’s principal to perform the obligations when due. History: En. Sec. 3692, Civ. C. 1895; re-en. Sec. 5689, Rev. C. 1907; re-en. Sec. 8204, R.C.M. 1921; Cal. Civ. C. Sec. 2846; Field Civ. C. Sec. 1567; re-en. Sec. 8204, R.C.M. 1935; R.C.M. 1947, […]
28-11-416. When surety may require creditor to pursue remedy
28-11-416. When surety may require creditor to pursue remedy. A surety may require the surety’s creditor to proceed against the principal or to pursue any other remedy in the surety’s power that the surety cannot pursue and that would lighten the surety’s burden, and if the creditor neglects to do so, the surety is exonerated to […]
28-11-315. Costs of defense
28-11-315. Costs of defense. An indemnity against claims, demands, or liability, expressly or in other equivalent terms, embraces the costs of defense against such claims, demands, or liability incurred in good faith and in the exercise of a reasonable discretion. History: En. Sec. 3586, Civ. C. 1895; re-en. Sec. 5654, Rev. C. 1907; re-en. Sec. 8169, R.C.M. […]
28-11-316. Duty of person indemnifying to defend
28-11-316. Duty of person indemnifying to defend. The person indemnifying is bound, on request of the person indemnified, to defend actions or proceedings brought against the person indemnified in respect to the matters embraced by the indemnity, but the person indemnified has the right to conduct defenses if the person indemnified chooses to do so. If, […]