Section 56-2-7 – Property of principal first resorted to.
56-2-7. Property of principal first resorted to. Whenever property of a surety is hypothecated with the property of the principal, the surety is entitled to have the property of the principal first applied to the discharge of the obligation. Source: SDC 1939, §26.0212.
Section 56-2-8 – Surety exonerated in like manner with guarantor.
56-2-8. Surety exonerated in like manner with guarantor. A surety is exonerated in like manner with the guarantor. Source: SDC 1939, §26.0205 (1).
Section 56-2-9 – Surety exonerated by performance or offer of performance.
56-2-9. Surety exonerated by performance or offer of performance. A surety is exonerated by performance of the principal obligation or tender of such performance duly made as provided in this code. Source: SDC 1939, §26.0205 (2).
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 56-1-26 – Delay of creditors in enforcement of remedy–Guarantor not exonerated.
56-1-26. Delay of creditors in enforcement of remedy–Guarantor not exonerated. Mere delay on the part of a creditor to proceed against the principal or to enforce any other remedy does not exonerate a guarantor. Source: SDC 1939, §26.0120.
Section 56-1-27 – Liability of indemnified guarantor.
56-1-27. Liability of indemnified guarantor. 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. Source: SDC 1939, §26.0121.
Section 56-1-28 – Discharge of principal by operation of law–Guarantor not exonerated.
56-1-28. Discharge of principal by operation of law–Guarantor not exonerated. A guarantor is not exonerated by the discharge of his principal by operation of law without the intervention or omission of the creditor. Source: SDC 1939, §26.0122.