South Dakota Codified Laws
Chapter 01 - Guaranty
Section 56-1-16 - Liability of guarantor--Time of accrual--Default of principal--Demand or notice unnecessary.

56-1-16. Liability of guarantor--Time of accrual--Default of principal--Demand or notice unnecessary.
A guarantor of payment or performance is liable to the guarantee immediately upon the default of the principal and without demand or notice.

Source: SDC 1939, ยง26.0110.

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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.