Section 56-2-4 – Rights of a surety same as guarantor.
56-2-4. Rights of a surety same as guarantor. A surety has all the rights of a guarantor whether he becomes personally responsible or not. Source: SDC 1939, §26.0206.
Section 56-2-5 – Performance of obligation when due by principal–Compelling by surety.
56-2-5. Performance of obligation when due by principal–Compelling by surety. A surety may compel his principal to perform the obligation when due. Source: SDC 1939, §26.0208.
Section 56-2-6 – Neglect of creditor to proceed against principal at request of surety–Surety exonerated to the extent which he is prejudiced.
56-2-6. Neglect of creditor to proceed against principal at request of surety–Surety exonerated to the extent which he is prejudiced. A surety may require his creditor to proceed against the principal or to pursue any other remedy in his power which the surety cannot himself pursue and which would lighten his burden, and if in […]
Section 56-2-1 – Suretyship defined.
56-2-1. Suretyship defined. Suretyship is a contract by which one who at the request of another and for the purpose of securing to him a benefit becomes responsible for the performance by the latter of some act in favor of a third person or hypothecates property as security therefor. Source: SDC 1939, §26.0201.
Section 56-2-2 – Apparent principal may show that he is a surety.
56-2-2. Apparent principal may show that he is a surety. One who appears to be a principal whether by terms of a written instrument or otherwise may show that he is in fact a surety except as against persons who have acted on the faith of his apparent character of principal. Source: SDC 1939, §26.0203.