The General Law of Suretyship Including Commercial And Non Commercial Guarantee
The General Law of Suretyship Including Commercial And Non Commercial Guarantee
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To quickly assess the difficulty of the text, read a short excerpt:
Houck v. Graham, 106 Ind. 195.
§ 127 Surety's Right to Reimbursement. 167 profit to him beyond the premium or compensation, if any, in return for which he becomes bound. Its object is the indemnity of the creditor so far as the latter chooses to insist upon it, and a surety or guarantor who has discharged the debt of his principal is entitled to be reimbursed by the latter to the extent only of what such discharge actually cost him. He cannot speculate upon his liability, and by discharging the... debt for less than its face, recover the balance from the principal in the absence of special agreement with the latter. 47 So, if the surety pays in depreciated currency or bank notes, he is entitled only to the value of such currency or notes at the time of payment, 48 and if he pays in property, he can recover its value merely. 49 The surety who compounds with the creditor cannot, even by taking an assignment of the debt, recover more than the compromise cost him. It is his duty to make the best terms he can for his principal, and in so doing he acts as his agent and may not speculate at his ex- pense.
What to read after The General Law of Suretyship Including Commercial And Non Commercial Guarantee?
You can find similar books in the "Read Also" column, or choose other free books by Spencer, Edward Whiton to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Houck v. Graham, 106 Ind. 195.
§ 127 Surety's Right to Reimbursement. 167 profit to him beyond the premium or compensation, if any, in return for which he becomes bound. Its object is the indemnity of the creditor so far as the latter chooses to insist upon it, and a surety or guarantor who has discharged the debt of his principal is entitled to be reimbursed by the latter to the extent only of what such discharge actually cost him. He cannot speculate upon his liability, and by discharging the... debt for less than its face, recover the balance from the principal in the absence of special agreement with the latter. 47 So, if the surety pays in depreciated currency or bank notes, he is entitled only to the value of such currency or notes at the time of payment, 48 and if he pays in property, he can recover its value merely. 49 The surety who compounds with the creditor cannot, even by taking an assignment of the debt, recover more than the compromise cost him. It is his duty to make the best terms he can for his principal, and in so doing he acts as his agent and may not speculate at his ex- pense.
What to read after The General Law of Suretyship Including Commercial And Non Commercial Guarantee?
You can find similar books in the "Read Also" column, or choose other free books by Spencer, Edward Whiton to read onlineMoreLess
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