In force2023 Revised EditionCurrent version · 2023 Revised EditionSee versions on Attorney General's Chambers(opens the publisher’s site)
Contracts Act · 2023 Revised Edition · Part · Indemnity and Guarantee
Contracts Act · 2023 Revised Edition · Part · Indemnity and Guarantee
Official textFrom Attorney General's Chambers, unchanged
Co-sureties who are bound in different sums are liable to pay equally as far as the limits of their respective obligations permit.
Illustrations
A, B and C, as sureties for D, enter into three several bonds, each in a different penalty namely, A in the penalty of $10,000, B in that of $20,000, C in that of $40,000, conditioned for D’s duly accounting to E. D makes default to the extent of $30,000. A, B and
C are each liable to pay $10,000.
A, B and C, as sureties for D, enter into three several bonds, each in a different penalty namely, A in the penalty of $10,000, B in that of $20,000, C in that of $40,000, conditioned for D’s duly accounting to E. D makes default to the extent of $40,000. A is liable to pay $10,000, and B and C $15,000.
A, B and C, as sureties for D, enter into three several bonds, each in a different penalty namely, A in the penalty of $10,000, B in that of $20,000, C in that of $40,000, conditioned for D’s duly accounting to E. D makes default to the extent of $70,000. A, B and
C have to pay each the full penalty of his bond.
PART 8A [S 3/2016]
Scholarship Agreements