Sections
13 entriesSection 2832Allows one who appears to be a principal, whether by the terms of a written instrument or otherwise, to show that he…Section 2837Establishes that in interpreting the terms of a contract of suretyship, the same rules are to be observed as in the case…Section 2838Establishes that a surety remains in the legal relation of surety even after the creditor obtains a judgment against the surety. Recovery…Section 2839Establishes that performance of the principal obligation exonerates a surety, and gives the same exonerating effect to an offer of performance when…Section 2845Allows a surety, subject to the referenced procedural statute, to require the creditor to proceed against the principal or pursue another remedy…Section 2846Allows a surety to compel the principal to perform the underlying obligation when that obligation becomes due. Once performance is due, the…Section 2847Requires a principal to reimburse a surety that satisfies all or part of the principal obligation, with or without legal proceedings, for…Section 2848Allows a surety, upon satisfying the obligation of the principal, to enforce every remedy which the creditor then has against the principal…Section 2849Allows a surety to receive the benefit of every security held by the creditor or a co-surety for performance of the principal…Section 2850Requires property of the principal to be applied first toward discharge of the obligation when property of both the principal and the…Section 2854Allows a creditor to the benefit of everything which a surety has received from the debtor by way of security for the…Section 2855Prohibits an arbitration award rendered against a principal alone from being deemed or used as an award against the principal’s surety. Establishes…Section 2856Allows guarantors and other sureties to waive specified subrogation, reimbursement, indemnification, contribution, election-of-remedies, and real-property-security defenses, including through statutory waiver language. The…