South Dakota Codified Laws
Chapter 01 - Guaranty
Section 56-1-14 - Failure to take proceedings upon principal debt does not discharge guaranty of solvency.

56-1-14. Failure to take proceedings upon principal debt does not discharge guaranty of solvency.
A guaranty such as is mentioned in §56-1-12 is not discharged by any omission to take proceedings upon the principal debt or upon any collateral security for its payment, if no part of the debt could have been collected thereby.

Source: SDC 1939, §26.0108.

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Structure South Dakota Codified Laws

South Dakota Codified Laws

Title 56 - Guaranty, Suretyship and Indemnity

Chapter 01 - Guaranty

Section 56-1-1 - Guaranty defined.

Section 56-1-2 - Knowledge of principal unnecessary to creation of guaranty.

Section 56-1-3 - Consideration--When required.

Section 56-1-4 - Requirements as to writing--Signature of guarantor--Expression of consideration unnecessary.

Section 56-1-5 - Promise for consideration to answer for obligation of another--Writing unnecessary.

Section 56-1-6 - Obligation which renders the party making the promise the principal debtor, and the person in whose behalf it is made the surety--Writing unnecessary.

Section 56-1-7 - Promise for antecedent obligation of another--Writing unnecessary.

Section 56-1-8 - Undertaking by factor to sell merchandise and guarantee sale--Writing unnecessary.

Section 56-1-9 - Holder of instrument for the payment of money, upon which third person liable, transferring it in payment of precedent debt entering into a promise respecting such instrument--Writing unnecessary.

Section 56-1-10 - Acceptance of guaranty.

Section 56-1-11 - Guaranty of incomplete contract.

Section 56-1-12 - Guaranty that obligation is good or collectible.

Section 56-1-13 - Recovery upon guaranty that obligation is good or collectible.

Section 56-1-14 - Failure to take proceedings upon principal debt does not discharge guaranty of solvency.

Section 56-1-15 - Construction of guaranty--Unconditional in absence of terms importing condition precedent.

Section 56-1-16 - Liability of guarantor--Time of accrual--Default of principal--Demand or notice unnecessary.

Section 56-1-17 - Liability of guarantor of conditional obligation--Notice of default.

Section 56-1-18 - Obligations of guarantor--Scope and limitations.

Section 56-1-19 - Liability of guarantor--Contract of principal unlawful--Personal disability of principal.

Section 56-1-20 - Continuing guaranty defined.

Section 56-1-21 - Revocation of continuing guaranty--Exception.

Section 56-1-22 - Exoneration of guarantor--Alteration of original obligation of principal--Impairment of rights of creditors.

Section 56-1-23 - Void promises do not exonerate guarantor.

Section 56-1-24 - Liability of guarantor exonerated by agreement altering original obligation of debtor or impairing remedy of creditor not restored by rescission of such agreement.

Section 56-1-25 - Obligation of guarantor reduced by partial satisfaction of obligation.

Section 56-1-26 - Delay of creditors in enforcement of remedy--Guarantor not exonerated.

Section 56-1-27 - Liability of indemnified guarantor.

Section 56-1-28 - Discharge of principal by operation of law--Guarantor not exonerated.