§ 26-9 – Effect of failure of creditor to take action.
26-9. Effect of failure of creditor to take action. (a) If the holder or owner of the obligation refuses or fails, within 30 days from the service or receipt of such notice, to take appropriate action pursuant thereto, the following persons shall be discharged on any such note, bond, bill or other obligation to the […]
§ 26-11 – Cancellation of judgment as to surety.
26-11. Cancellation of judgment as to surety. Whenever a judgment shall be rendered in any court in accordance with the provisions of G.S. 26-1 and the surety, endorser or other person shown in said judgment to be secondarily liable thereon and having the rights as by this chapter prescribed against the person or persons primarily […]
§ 26-12 – Joinder of debtor by surety.
26-12. Joinder of debtor by surety. (a) As used in this section, "surety" includes guarantors, accommodation makers, accommodation indorsers, or others who undertake liability on the obligation and for the accommodation of another. (b) When any surety is sued by the holder of the obligation, the court, on motion of the surety may join the […]
§ 26-4 – Subrogation of surety paying debt of deceased principal.
26-4. Subrogation of surety paying debt of deceased principal. Whenever a surety, or his representative, shall pay the debt of his deceased principal, the claim thus accruing shall have such priority in the administration of the assets of the principal as had the debt before its payment. (1829, c. 23; R.C., c. 110, s. 4; […]
§ 26-5 – Contribution among sureties.
26-5. Contribution among sureties. Where there are two or more sureties for the performance of a contract, and one or more of them may have been compelled to perform and satisfy the same, or any part thereof, such surety may have and maintain an action against every other surety for a just and ratable proportion […]
§ 26-6 – Dissenting surety not liable to surety on stay of execution.
26-6. Dissenting surety not liable to surety on stay of execution. Whenever any judgment shall be obtained against a principal and his surety, and the principal debtor shall desire to stay the execution thereon, but the surety is unwilling that such stay shall be had, the surety may cause his dissent thereto to be entered […]
§ 26-7 – Surety, indorser, or guarantor may notify creditor to take action.
26-7. Surety, indorser, or guarantor may notify creditor to take action. (a) After any note, bill, bond, or other obligation becomes due and payable, any surety, indorser, or guarantor thereof may give written notice to the holder or owner of the obligation requiring him to use all reasonable diligence to recover against the principal and […]
§ 26-8 – Notice; how given; prima facie evidence thereof.
26-8. Notice; how given; prima facie evidence thereof. (a) Any notice authorized or required to be given by G.S. 26-7 shall- (1) Be served by the sheriff by delivering a copy thereof to the person entitled to the notice, or (2) Be sent by the person giving notice, by registered mail, with return receipt requested, […]
§ 26-1 – Surety and principal distinguished in judgment and execution.
26-1. Surety and principal distinguished in judgment and execution. In the trial of actions upon contracts either of the defendants may show in evidence that he is surety, and if it be satisfactorily shown, the jury in their verdict, or the magistrate in his judgment, shall distinguish the principal and surety, which shall be endorsed […]
§ 26-2 – Principal liable on execution before surety.
26-2. Principal liable on execution before surety. When an execution, indorsed as aforesaid, shall come to the hands of any officer for collection, he shall levy on all the property of the principal, or so much thereof as shall be necessary to satisfy the execution, and, for want of sufficient property of the principal, also […]