Lawgist147Liability of co-sureties bound in different sums
Co-sureties who are bound in different sums are liable to pay equally as far as the limits of their respective obligations permit.
Illustrations
(a) A, B and C, as sureties for D, enter into three several bonds, each in a different penalty, namely, A in the penalty of each 10,000 rupees, B in that of 20,000 rupees, C in that of 40,000 rupees, conditioned for D's duly accounting to E. D makes default to the extent of 30,000 rupees. A, B and C are each liable to pay 10,000 rupees.
(b) A, B and C, as sureties for D, enter into three several bonds, each in a different penalty, namely, A in the penalty of 10,000 rupees, B in that of 20,000 rupees, C in that of 40,000 rupees, conditioned for D's duly accounting to E. D makes default to the extent of 40,000 rupees. A is liable to pay 10,000 rupees, and B and C 15,000 rupees each.
(c) A, B and C, as sureties for D, enter into three several bonds, each in a different penalty, namely, A in the penalty of 10,000 rupees, B in that of 20,000 rupees, C in that of 40,000 rupees, conditioned for D's duly accounting to E. D makes default to the extent of 70,000 rupees. A, B and C have to pay each the full penalty of his bond.
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- 124 "Contract of indemnity" define
- 125 Rights of indemnity-holder when sued
- 126 "Contract of guarantee", "surety", "principal debtor" and "creditor"
- 127 Consideration for guarantee
- 128 Surety's liability
- 129 "Continuing guarantee"
- 130 Revocation of continuing guarantee
- 131 Revocation of continuing guarantee by surety's death
- 132 Liability of two persons, primarily liable, not affected by arrangement between them that one shall be surety on others default
- 133 Discharge of surety by variance in terms of contract
- 134 Discharge of surety by release or discharge of principal debtor
- 135 Discharge of surety when creditor compounds with, gives time to, or agrees not to sue, principal debtor
- 136 Surety not discharged when agreement made with third person to give time to principal debtor
- 137 Creditor's forbearance to sue does not discharge surety
- 138 Release of one co-surety does not discharge others
- 139 Discharge of surety of creditor's act or omission impairing surety's eventual remedy
- 140 Rights of surety on payment or performance
- 141 Surety's right to benefit of creditor's securities
- 142 Guarantee obtained by misrepresentation invalid
- 143 Guarantee obtained by concealment invalid
- 144 Guarantee on contract that creditor shall not act on it until co-surety joins
- 145 Implied promise to indemnify surety
- 146 Co-sureties liable to contribute equally
- 147 Liability of co-sureties bound in different sums
