56-2-7. Property of principal first resorted to.
Whenever property of a surety is hypothecated with the property of the principal, the surety is entitled to have the property of the principal first applied to the discharge of the obligation.
Source: SDC 1939, ยง26.0212.
Structure South Dakota Codified Laws
Title 56 - Guaranty, Suretyship and Indemnity
Section 56-2-1 - Suretyship defined.
Section 56-2-2 - Apparent principal may show that he is a surety.
Section 56-2-4 - Rights of a surety same as guarantor.
Section 56-2-5 - Performance of obligation when due by principal--Compelling by surety.
Section 56-2-7 - Property of principal first resorted to.
Section 56-2-8 - Surety exonerated in like manner with guarantor.
Section 56-2-9 - Surety exonerated by performance or offer of performance.
Section 56-2-10 - Surety exonerated to extent prejudiced by act of creditor.
Section 56-2-11 - Surety exonerated to extent prejudiced by omission of creditor.
Section 56-2-12 - Liability of surety limited by express terms of contract--Penalty for breach.
Section 56-2-13 - Suretyship relation not changed by creditor's judgment against surety.