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
The liability of the surety is co-extensive with that of the principal debtor, unless it is otherwise provided by the contract.
surety
“surety” means a person referred to as a surety, or as a guarantor, or by any other corresponding term, in a scholarship agreement.
Illustration
A guarantees to B the payment of a bill of exchange by C, the acceptor. The bill is dishonoured by C. A is liable not only for the amount of the bill but also for any interest and charges which may have become due on it.
surety
“surety” means a person referred to as a surety, or as a guarantor, or by any other corresponding term, in a scholarship agreement.
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