Chapter 1 - Suretyship
- Article 1 General Provisions.
- Section 8-3-1 Relationship of joint makers of notes, bills, etc
Joint makers of notes, bills, bonds, or contracts for the payment of money are bound severally and jointly to the payee, transferee, or holder, ...
- Section 8-3-2 Rights of surety who has paid debt
A surety who has paid his principal's debt is entitled to a transfer of the original and collateral security which the creditor holds; he ...
- Section 8-3-3 Remedies given sureties not exclusive
The remedies given sureties and cosureties in this chapter are not exclusive of other remedies conferred by statute or existing at common law, but ...
- Section 8-3-4 Tender by surety discharges surety
The surety may tender to the creditor the amount of his debt and demand that the evidence of and the securities for the same ...
- Section 8-3-5 Rights of surety against principal upon payment of debt
Payment by a surety or endorser of a debt past due entitles him to proceed immediately against his principal for the sum paid, with ...
- Section 8-3-6 Suretyship may be proved by parol
If the fact of suretyship does not appear on the face of the contract, it may be proved by parol, either before or after ...
- Section 8-3-7 Rights of surety sued separately and paying judgment
If the surety is sued separately from his principal, on payment by him of the judgment against him, he shall be entitled to control ...
- Section 8-3-8 Payments by surety pending action
If the surety pays off the debt pending an action against the principal and himself or against the principal alone, such payment shall operate ...
- Section 8-3-9 Contribution by cosureties
All the foregoing provisions of this article shall apply to cases where there are more than one surety, so as to enable a surety ...
- Section 8-3-10 Control of judgment by endorser upon payment of debt
(a) Every endorser who shall pay off and discharge the debt on which he is endorser, either pending the action or after judgment, whether ...
- Section 8-3-11 Surety paying debt subrogated to rights of creditor
A surety who has paid the debt of his principal is subrogated to all the rights of the creditor and, in a controversy with ...
- Section 8-3-12 When surety not to confess judgment
No surety, when sued, can confess judgment or suffer judgment to pass by default if the principal debtor, on being notified of the pending ...
- Section 8-3-13 Surety may require creditor to bring action against principal; discharge of surety upon failure to bring action
(a) A surety upon any contract for the payment of money or for the delivery or payment of personal property may require the creditor ...
- Section 8-3-14 Provisions of chapter inure to benefit of personal representatives
All the provisions of this chapter inure to the benefit of the personal representatives of the creditor or surety and in favor of sureties ...
- Section 8-3-15 Court in which complaints filed
In cases not otherwise provided for in this chapter, complaints must be filed in the circuit court of the county in which the parties, ...
- Article 2 Replevy Bonds.
- Section 8-3-30 When surety on replevy bond may demand collateral security; seizure of property if collateral not given; disposition of seized perishable property
(a) When the principal in any replevy bond is wasting the replevied property or is removing or is about to remove himself or property ...
- Article 3 Judgments.
- Section 8-3-40 Transfer of judgment to surety upon payment of same by surety
(a) Whenever a judgment is obtained by a creditor on a demand to which there are one or more sureties, the sureties may pay ...
- Section 8-3-41 Issuance of execution on judgment paid by surety; collection of money from principal debtor or cosureties
(a) If a judgment is entered by any court against a principal debtor and his surety, or against his sureties, and one or more ...
- Section 8-3-42 Sureties entitled to summary judgment against principal and between each other
Sureties, whether bound on the contract or instrument with the principal debtor as joint or joint and several obligors or promisors, as accommodation drawers, ...
