TITLE XVI. SURETYSHIP CHAPTER 1. NATURE AND EXTENT OF SURETYSHIP Art. 3035. Definition of suretyship Suretyship is an accessory contract by which a person binds himself to a creditor to fulfill the obligation of another upon the failure of the latter to do so. Acts 1987, No. 409, §1, eff. Jan. 1, 1988.
Art. 3036. Obligations for which suretyship may be established Suretyship may be established for any lawful obligation, which, with respect to the suretyship, is the principal obligation. The principal obligation may be subject to a term or condition, may be presently existing, or may arise in the future. Amended by Acts 1979, No. 711, §1; […]
Art. 3037. Surety ostensibly bound as a principal with another; effect of knowledge of the creditor One who ostensibly binds himself as a principal obligor to satisfy the present or future obligations of another is nonetheless considered a surety if the principal cause of the contract with the creditor is to guarantee performance of such […]
Art. 3038. Formal requirements of suretyship Suretyship must be express and in writing. Acts 1987, No. 409, §1, eff. Jan. 1, 1988.
Art. 3039. Suretyship requires no formal acceptance Suretyship is established upon receipt by the creditor of the writing evidencing the surety’s obligation. The creditor’s acceptance is presumed and no notice of acceptance is required. Acts 1987, No. 409, §1, eff. Jan. 1, 1988.
Art. 3040. Rules may be varied Suretyship may be qualified, conditioned, or limited in any lawful manner. Acts 1987, No. 409, §1, eff. Jan. 1, 1988.
