CC 3060 - Prescription of the surety's obligation, right of reimbursement, and contribution - Louisiana Statutes

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Art. 3060. Prescription of the surety's obligation, right of reimbursement, and contribution

Prescription of the principal obligation extinguishes the obligation of the surety. A surety's action for contribution from his co-sureties and his action for reimbursement from the principal obligor prescribe in ten years.

The interruption of prescription against a surety is effective against the principal obligor and other sureties only when such parties have mutually agreed to be bound together with the surety against whom prescription was interrupted.

Acts 1987, No. 409, §1, eff. Jan. 1, 1988.

State Codes and Statutes

Statutes > Louisiana > Cc > Cc3060

Art. 3060. Prescription of the surety's obligation, right of reimbursement, and contribution

Prescription of the principal obligation extinguishes the obligation of the surety. A surety's action for contribution from his co-sureties and his action for reimbursement from the principal obligor prescribe in ten years.

The interruption of prescription against a surety is effective against the principal obligor and other sureties only when such parties have mutually agreed to be bound together with the surety against whom prescription was interrupted.

Acts 1987, No. 409, §1, eff. Jan. 1, 1988.

State Codes and Statutes

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State Codes and Statutes

Statutes > Louisiana > Cc > Cc3060

Art. 3060. Prescription of the surety's obligation, right of reimbursement, and contribution

Prescription of the principal obligation extinguishes the obligation of the surety. A surety's action for contribution from his co-sureties and his action for reimbursement from the principal obligor prescribe in ten years.

The interruption of prescription against a surety is effective against the principal obligor and other sureties only when such parties have mutually agreed to be bound together with the surety against whom prescription was interrupted.

Acts 1987, No. 409, §1, eff. Jan. 1, 1988.