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Chapter 01 - Guaranty
Section 56-1-1 - Guaranty defined. - 56-1-1. Guaranty defined. A guaranty is a promise to answer...
Section 56-1-2 - Knowledge of principal unnecessary to creation of guaranty. - 56-1-2. Knowledge of principal unnecessary to creation of guaranty. A...
Section 56-1-3 - Consideration--When required. - 56-1-3. Consideration--When required. Where a guaranty is entered into at...
Section 56-1-4 - Requirements as to writing--Signature of guarantor--Expression of consideration unnecessary. - 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. - 56-1-5. Promise for consideration to answer for obligation of another--Writing...
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. - 56-1-6. Obligation which renders the party making the promise the...
Section 56-1-7 - Promise for antecedent obligation of another--Writing unnecessary. - 56-1-7. Promise for antecedent obligation of another--Writing unnecessary. A promise...
Section 56-1-8 - Undertaking by factor to sell merchandise and guarantee sale--Writing unnecessary. - 56-1-8. Undertaking by factor to sell merchandise and guarantee sale--Writing...
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. - 56-1-9. Holder of instrument for the payment of money, upon...
Section 56-1-10 - Acceptance of guaranty. - 56-1-10. Acceptance of guaranty. A mere offer to guarantee is...
Section 56-1-11 - Guaranty of incomplete contract. - 56-1-11. Guaranty of incomplete contract. In a guaranty of a...
Section 56-1-12 - Guaranty that obligation is good or collectible. - 56-1-12. Guaranty that obligation is good or collectible. A guaranty...
Section 56-1-13 - Recovery upon guaranty that obligation is good or collectible. - 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. - 56-1-14. Failure to take proceedings upon principal debt does not...
Section 56-1-15 - Construction of guaranty--Unconditional in absence of terms importing condition precedent. - 56-1-15. Construction of guaranty--Unconditional in absence of terms importing condition...
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...
Section 56-1-17 - Liability of guarantor of conditional obligation--Notice of default. - 56-1-17. Liability of guarantor of conditional obligation--Notice of default. Where...
Section 56-1-18 - Obligations of guarantor--Scope and limitations. - 56-1-18. Obligations of guarantor--Scope and limitations. The obligation of a...
Section 56-1-19 - Liability of guarantor--Contract of principal unlawful--Personal disability of principal. - 56-1-19. Liability of guarantor--Contract of principal unlawful--Personal disability of principal....
Section 56-1-20 - Continuing guaranty defined. - 56-1-20. Continuing guaranty defined. A guaranty relating to a future...
Section 56-1-21 - Revocation of continuing guaranty--Exception. - 56-1-21. Revocation of continuing guaranty--Exception. A continuing guaranty may be...
Section 56-1-22 - Exoneration of guarantor--Alteration of original obligation of principal--Impairment of rights of creditors. - 56-1-22. Exoneration of guarantor--Alteration of original obligation of principal--Impairment of...
Section 56-1-23 - Void promises do not exonerate guarantor. - 56-1-23. Void promises do not exonerate guarantor. A promise by...
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. - 56-1-24. Liability of guarantor exonerated by agreement altering original obligation...
Section 56-1-25 - Obligation of guarantor reduced by partial satisfaction of obligation. - 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. - 56-1-26. Delay of creditors in enforcement of remedy--Guarantor not exonerated....
Section 56-1-27 - Liability of indemnified guarantor. - 56-1-27. Liability of indemnified guarantor. A guarantor who has been...
Section 56-1-28 - Discharge of principal by operation of law--Guarantor not exonerated. - 56-1-28. Discharge of principal by operation of law--Guarantor not exonerated....
Chapter 02 - Suretyship
Section 56-2-1 - Suretyship defined. - 56-2-1. Suretyship defined. Suretyship is a contract by which one...
Section 56-2-2 - Apparent principal may show that he is a surety. - 56-2-2. Apparent principal may show that he is a surety....
Section 56-2-3 - Joint control of deposits of assets--Agreement between insured and surety--Withdrawal procedure. - 56-2-3. Joint control of deposits of assets--Agreement between insured and...
Section 56-2-4 - Rights of a surety same as guarantor. - 56-2-4. Rights of a surety same as guarantor. A surety...
Section 56-2-5 - Performance of obligation when due by principal--Compelling by surety. - 56-2-5. Performance of obligation when due by principal--Compelling by surety....
Section 56-2-6 - Neglect of creditor to proceed against principal at request of surety--Surety exonerated to the extent which he is prejudiced. - 56-2-6. Neglect of creditor to proceed against principal at request...
Section 56-2-7 - Property of principal first resorted to. - 56-2-7. Property of principal first resorted to. Whenever property of...
Section 56-2-8 - Surety exonerated in like manner with guarantor. - 56-2-8. Surety exonerated in like manner with guarantor. A surety...
Section 56-2-9 - Surety exonerated by performance or offer of performance. - 56-2-9. Surety exonerated by performance or offer of performance. A...
Section 56-2-10 - Surety exonerated to extent prejudiced by act of creditor. - 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. - 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. - 56-2-12. Liability of surety limited by express terms of contract--Penalty...
Section 56-2-13 - Suretyship relation not changed by creditor's judgment against surety. - 56-2-13. Suretyship relation not changed by creditor's judgment against surety....
Section 56-2-14 - Satisfaction of principal obligation by surety--Reimbursement, exception as to other persons. - 56-2-14. Satisfaction of principal obligation by surety--Reimbursement, exception as to...
Section 56-2-17 - Surety subrogated to rights of creditor. - 56-2-17. Surety subrogated to rights of creditor. If the duty...
Chapter 03 - Indemnity
Section 56-3-1 - Indemnity defined. - 56-3-1. Indemnity defined. Indemnity is a contract by which one...
Section 56-3-2 - Indemnity for a future wrongful act void. - 56-3-2. Indemnity for a future wrongful act void. An agreement...
Section 56-3-3 - Indemnity for past wrongful act valid. - 56-3-3. Indemnity for past wrongful act valid. An agreement to...
Section 56-3-4 - Indemnity extends to acts of agents. - 56-3-4. Indemnity extends to acts of agents. An agreement to...
Section 56-3-5 - Agreement to indemnify several persons applies to each. - 56-3-5. Agreement to indemnify several persons applies to each. An...
Section 56-3-6 - Persons indemnifying liable jointly or severally with person indemnified. - 56-3-6. Persons indemnifying liable jointly or severally with person indemnified....
Section 56-3-7 - Interpretation of contract of indemnity--Application of rules. - 56-3-7. Interpretation of contract of indemnity--Application of rules. In the...
Section 56-3-8 - Indemnity against liability--Recovery by person indemnified. - 56-3-8. Indemnity against liability--Recovery by person indemnified. Upon an indemnity...
Section 56-3-9 - Indemnity against claims, demands or damages--Recovery by person indemnified, payment required. - 56-3-9. Indemnity against claims, demands or damages--Recovery by person indemnified,...
Section 56-3-10 - Indemnity against claims, demands or liability--Matters embraced in contract. - 56-3-10. Indemnity against claims, demands or liability--Matters embraced in contract....
Section 56-3-11 - Defense by indemnitor of actions against indemnified--Right of person indemnified to conduct defense. - 56-3-11. Defense by indemnitor of actions against indemnified--Right of person...
Section 56-3-12 - Neglect of person indemnifying to defend the person indemnified--Recovery against person indemnified conclusive. - 56-3-12. Neglect of person indemnifying to defend the person indemnified--Recovery...
Section 56-3-13 - Notice of action or proceedings against indemnified not received by indemnitor--Indemnitor not allowed to control defense--Judgment against indemnitor presumptive evidence. - 56-3-13. Notice of action or proceedings against indemnified not received...
Section 56-3-14 - Application of stipulation as to conclusiveness of judgment against person indemnified upon indemnitor. - 56-3-14. Application of stipulation as to conclusiveness of judgment against...
Section 56-3-15 - Reimbursement of indemnitor. - 56-3-15. Reimbursement of indemnitor. Where one, at the request of...
Section 56-3-16 - Indemnification of architect or engineer for own errors prohibited in construction contract. - 56-3-16. Indemnification of architect or engineer for own errors prohibited...
Section 56-3-17 - Conflicting provision in construction contract unlawful and unenforceable. - 56-3-17. Conflicting provision in construction contract unlawful and unenforceable. Any...
Section 56-3-18 - Indemnity agreement void as to liability for negligence in construction, repair or maintenance of structure or equipment. - 56-3-18. Indemnity agreement void as to liability for negligence in...