Section 56-2-10 – Surety exonerated to extent prejudiced by act of creditor.
56-2-10. Surety exonerated to extent prejudiced by act of creditor. A surety is exonerated to the extent to which he is prejudiced by any act of the creditor which would naturally prove injurious to the remedies of the surety or inconsistent with his rights or which lessens his security. Source: SDC 1939, §26.0205 (3).
Section 56-2-11 – Surety exonerated to extent prejudiced by omission of creditor.
56-2-11. Surety exonerated to extent prejudiced by omission of creditor. A surety is exonerated to the extent to which he is prejudiced by an omission of the creditor to do anything when required by the surety which it is his duty to do. Source: SDC 1939, §26.0205 (4).
Section 56-2-12 – Liability of surety limited by express terms of contract–Penalty for breach.
56-2-12. Liability of surety limited by express terms of contract–Penalty for breach. A surety cannot be held beyond the express terms of his contract, and if such contract prescribes a penalty for its breach, he cannot in any case be liable for more than the penalty. Source: SDC 1939, §26.0202.
Section 56-2-13 – Suretyship relation not changed by creditor’s judgment against surety.
56-2-13. Suretyship relation not changed by creditor’s judgment against surety. Notwithstanding the recovery of a judgment by a creditor against a surety, the latter still occupies the relation of surety. Source: SDC 1939, §26.0204.
Section 56-2-14 – Satisfaction of principal obligation by surety–Reimbursement, exception as to other persons.
56-2-14. Satisfaction of principal obligation by surety–Reimbursement, exception as to other persons. If a surety satisfies the principal obligation or any part thereof, whether with or without legal proceedings, the principal is bound to reimburse what he has disbursed including necessary costs and expenses, but the surety has no claim for reimbursement against other persons, […]
Section 56-2-17 – Surety subrogated to rights of creditor.
56-2-17. Surety subrogated to rights of creditor. If the duty of the principal to the creditor is fully satisfied, the surety, to the extent that he has contributed to this satisfaction, is subrogated to all of the following: (1)The rights of the creditor against the principal; (2)Subject to the rule stated in subdivision (4) of […]
Section 56-3-1 – Indemnity defined.
56-3-1. Indemnity defined. Indemnity is a contract by which one engages to save another from a legal consequence of the conduct of one of the parties, or of some other person. Source: SDC 1939, §31.3101; repealed SL 1966, ch 111, §5; re-enacted SL 1967, ch 235, §1.
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 56-1-25 – Obligation of guarantor reduced by partial satisfaction of obligation.
56-1-25. Obligation of guarantor reduced by partial satisfaction of obligation. 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. Source: SDC 1939, §26.0119.