CHAPTER 4. THE EFFECTS OF SURETYSHIP BETWEEN THE SURETY AND PRINCIPAL OBLIGOR Art. 3047. Rights of the surety A surety has the right of subrogation, the right of reimbursement, and the right to require security from the principal obligor. Acts 1987, No. 409, §1, eff. Jan. 1, 1988.
Art. 3048. Surety’s right of subrogation The surety who pays the principal obligation is subrogated by operation of law to the rights of the creditor. Acts 1987, No. 409, §1, eff. Jan. 1, 1988.
Art. 3049. Surety’s right of reimbursement for payment of obligation A surety who pays the creditor is entitled to reimbursement from the principal obligor. He may not recover reimbursement until the principal obligation is due and exigible. A surety for multiple solidary obligors may recover from any of them reimbursement of the whole amount he […]
Art. 3050. Surety’s right of reimbursement for payment of obligation not owed A surety who in good faith pays the creditor when the principal obligation is extinguished, or when the principal obligor had the means of defeating it, is nevertheless entitled to reimbursement from the principal obligor if the surety made a reasonable effort to […]
Art. 3051. Payment by debtor without notice of payment by surety A surety may not recover from the principal obligor, by way of subrogation or reimbursement, the amount paid the creditor if the principal obligor also pays the creditor for want of being warned by the surety of the previous payment. In these circumstances, the […]
Art. 3052. Limitation on right of surety to recover what he paid creditor A surety may not recover from the principal obligor more than he paid to secure a discharge, but he may recover by subrogation such attorney’s fees and interest as are owed with respect to the principal obligation. Acts 1987, No. 409, §1, […]
Art. 3053. Surety’s right to require security A surety, before making payment, may demand security from the principal obligor to guarantee his reimbursement when: (1) The surety is sued by the creditor; (2) The principal obligor is insolvent, unless the principal obligation is such that its performance does not require his solvency; (3) The principal […]
Art. 3054. Failure to provide security If, within ten days after the delivery of a written demand for the security, the principal obligor fails to provide the required security or fails to secure the discharge of the surety, the surety has an action to require the principal obligor to deposit into the registry of the […]
