An Epitome of Leading Conveyancing And Equity Cases : With Some Short Notes Thereon : Chiefly Intended As a Guide to Tudor's Leading Cases On Conveyancing, And White And Tudor's Leading Cases in Equity

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c. 97, sec. 5), "that every person who being a surety for the debt or duty of another, or being liable with another for any debt or duty, shall pay such debt or perform such duty, shall be entitled to have assigned to him, or a trustee for him, every judgment, specialty, or other security which shall be held by the creditor in respect of such debt or duty, whether such judgment, specialty, or other security shall or shall not be deemed at law to have been satisfied by the payment of the debt or... performance of the duty ; and such person shall be entitled to stand in the place of the creditor." Before this statute, if the debt was secured by bond or by judgment, and the surety paid the amount, he could not obtain an assign- ment of the bond or judgment itself, but only of collateral securities. The right to the delivery up of securities held by the creditor extends not only to a direct surety, but also to one who is so merely because of having indorsed a bill of exchange or promissory note {Duncan Fox ^ Go.

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