28-11-215. Exoneration of guarantor indemnified by principal
28-11-215. Exoneration of guarantor indemnified by principal. A guarantor who has been indemnified by the principal is liable to the creditor to the extent of the indemnity notwithstanding that the creditor, without the assent of the guarantor, may have modified the contract or released the principal. History: En. Sec. 3655, Civ. C. 1895; re-en. Sec. 5678, Rev. […]
28-11-216. Effect of part performance on guarantor’s liability
28-11-216. Effect of part performance on guarantor’s liability. The acceptance by a creditor of anything in partial satisfaction of an obligation reduces the obligation of a guarantor thereof in the same measure as that of the principal but does not otherwise affect it. History: En. Sec. 3653, Civ. C. 1895; re-en. Sec. 5676, Rev. C. 1907; re-en. […]
28-11-204. Liability under guaranty that obligation is good or collectible
28-11-204. Liability under guaranty that obligation is good or collectible. (1) A guaranty to the effect that an obligation is good or is collectible imports that the debtor is solvent and that the demand is collectible by the usual legal proceedings if taken with reasonable diligence. (2) A guaranty such as is mentioned in subsection (1) is […]
28-11-205. When guarantor of payment or performance becomes liable
28-11-205. When guarantor of payment or performance becomes liable. A guarantor of payment or performance is liable to the guarantee immediately upon the default of the principal and without demand or notice. History: En. Sec. 3631, Civ. C. 1895; re-en. Sec. 5667, Rev. C. 1907; re-en. Sec. 8182, R.C.M. 1921; Cal. Civ. C. Sec. 2807; Field Civ. […]
28-11-206. Liability upon guaranty of conditional obligation — notice of default
28-11-206. Liability upon guaranty of conditional obligation — notice of default. If a person guarantees a conditional obligation, the person’s liability is commensurate with that of the principal and the person is not entitled to notice of the default of the principal unless the person is unable, by the exercise of reasonable diligence, to acquire information of […]
28-11-207. through 28-11-210 reserved
28-11-207 through 28-11-210 reserved.
28-11-211. When guarantor exonerated
28-11-211. When guarantor exonerated. (1) A guarantor is exonerated, except so far as the guarantor may be indemnified by the principal, if by any act of the creditor not authorized by the original guaranty instrument or without the separate consent of the guarantor, the original obligation of the principal is altered in any respect or the […]
28-11-212. Rescission of alteration — liability not restored
28-11-212. Rescission of alteration — liability not restored. The rescission of an agreement altering the original obligation of a debtor or impairing the remedy of a creditor does not restore the liability of a guarantor who has been exonerated by such agreement. History: En. Sec. 3652, Civ. C. 1895; re-en. Sec. 5675, Rev. C. 1907; re-en. Sec. […]
28-11-102. Knowledge or consent of principal not required
28-11-102. Knowledge or consent of principal not required. A person may become guarantor even without the knowledge or consent of the principal. History: En. Sec. 3601, Civ. C. 1895; re-en. Sec. 5657, Rev. C. 1907; re-en. Sec. 8172, R.C.M. 1921; Cal. Civ. C. Sec. 2788; Field Civ. C. Sec. 1535; re-en. Sec. 8172, R.C.M. 1935; R.C.M. 1947, […]
28-11-103. When separate consideration required
28-11-103. When separate consideration required. When a guaranty is entered into at the same time with the original obligation or with the acceptance of the original obligation by the person making the guaranty and forms with that original obligation a part of the consideration to the person, no other consideration need exist. In all other cases, […]