A person bound as surety in a writteninstrument for the payment of money, or other valuable thing, may, if right ofaction accrues thereon, require his creditor by a notice in writing, tocommence an action on such instrument forthwith, against the principal debtor;and unless the creditor commences such action within a reasonable timethereafter, and proceed with due diligence, in the ordinary course of law, torecover judgment against the principal debtor for the money or other valuablething due thereby, and to make by execution the amount thereof, the creditor,or the assignee of such instrument so failing to comply with the requisition ofsuch surety shall thereby forfeit the right which he would otherwise have todemand, and receive of such surety, the amount due thereon.
38-1-102. Requiring suit by creditor; requisition by personalrepresentative of surety.
The executor or administrator of a suretyso bound may, in like manner, make such requisition of the creditor, or hisexecutor or administrator, as provided in the preceding section; and in case offailure of the creditor, or his executor or administrator, to proceed astherein required, the executor or administrator, if he make the requisition,shall have the same relief as is therein provided for a surety.
38-1-103. Requiring suit by creditor; what bonds not affected.
Nothingin the last two (2) sections contained shall be so construed as to affect bondsrequired by law to be given by guardians, executors, administrators, trusteesof an express trust, public officers, or any bond or undertaking required bylaw to be given in an action or legal proceeding in any court in this state.
38-1-104. Rights on paying judgment.
Whenthe surety on a judgment, who is certified therein to be such, or his personalrepresentative pays the judgment, or any part thereof, he shall, to the extentof such payment, have all the rights and remedies against the principal debtorthat the plaintiff had at the time of such payment; and proceedings to revivethe judgment shall be as provided in section three hundred and seventy-four,and shall be in the name of such surety or representative; but the plaintiff inthe original action shall not be liable for any costs therein.
38-1-105. Application for release by surety of school districttreasurer.
Asurety of the treasurer of school funds in any school district, organized underthe provisions of law, may at any time notify the board of county commissionersof the proper county, by giving at least five (5) days notice in writing, thathe is unwilling to continue as surety for such treasurer, and will, at a timetherein named, make application to the board of county commissioners to bereleased from further liability upon his bond; and he shall also give at leastthree (3) days notice in writing to such treasurer, of the time and place atwhich the application will be made.
38-1-106. Application for release by surety of school districttreasurer; action of commissioners.
Theboard of county commissioners, upon such notice being given, shall hear theapplication, and if in their opinion there is good reason therefor, shallrequire the treasurer to give a new bond, conditioned according to law and tothe satisfaction of the board, within such time as they may direct, and if thetreasurer fail to execute such bond, the office shall be deemed vacant andshall be immediately filled as other vacancies therein; but such sureties shallnot be released or discharged until the filing of the new bond or theexpiration of the time allowed therefor; and the cost of such application shallbe paid by the person making the same.
38-1-107. Compelling principal to pay debt.
Asurety may maintain an action against his principal to compel him to dischargethe debt or liability, for which the surety is bound, after the same becomesdue.
38-1-108. Action for indemnity before debt due.
Asurety may maintain an action against his principal to obtain indemnity againstthe debt or liability for which he is bound before it is due whenever any ofthe grounds exist upon which, by the provisions of this act, an order may bemade for arrest, or for an attachment.
38-1-109. Action for indemnity before debt due; obtaining provisionalremedies.
Insuch action the surety may obtain any of the provisional remedies mentioned indivision six of this act, upon the grounds and in the manner therein provided.
A person bound as surety in a writteninstrument for the payment of money, or other valuable thing, may, if right ofaction accrues thereon, require his creditor by a notice in writing, tocommence an action on such instrument forthwith, against the principal debtor;and unless the creditor commences such action within a reasonable timethereafter, and proceed with due diligence, in the ordinary course of law, torecover judgment against the principal debtor for the money or other valuablething due thereby, and to make by execution the amount thereof, the creditor,or the assignee of such instrument so failing to comply with the requisition ofsuch surety shall thereby forfeit the right which he would otherwise have todemand, and receive of such surety, the amount due thereon.
38-1-102. Requiring suit by creditor; requisition by personalrepresentative of surety.
The executor or administrator of a suretyso bound may, in like manner, make such requisition of the creditor, or hisexecutor or administrator, as provided in the preceding section; and in case offailure of the creditor, or his executor or administrator, to proceed astherein required, the executor or administrator, if he make the requisition,shall have the same relief as is therein provided for a surety.
38-1-103. Requiring suit by creditor; what bonds not affected.
Nothingin the last two (2) sections contained shall be so construed as to affect bondsrequired by law to be given by guardians, executors, administrators, trusteesof an express trust, public officers, or any bond or undertaking required bylaw to be given in an action or legal proceeding in any court in this state.
38-1-104. Rights on paying judgment.
Whenthe surety on a judgment, who is certified therein to be such, or his personalrepresentative pays the judgment, or any part thereof, he shall, to the extentof such payment, have all the rights and remedies against the principal debtorthat the plaintiff had at the time of such payment; and proceedings to revivethe judgment shall be as provided in section three hundred and seventy-four,and shall be in the name of such surety or representative; but the plaintiff inthe original action shall not be liable for any costs therein.
38-1-105. Application for release by surety of school districttreasurer.
Asurety of the treasurer of school funds in any school district, organized underthe provisions of law, may at any time notify the board of county commissionersof the proper county, by giving at least five (5) days notice in writing, thathe is unwilling to continue as surety for such treasurer, and will, at a timetherein named, make application to the board of county commissioners to bereleased from further liability upon his bond; and he shall also give at leastthree (3) days notice in writing to such treasurer, of the time and place atwhich the application will be made.
38-1-106. Application for release by surety of school districttreasurer; action of commissioners.
Theboard of county commissioners, upon such notice being given, shall hear theapplication, and if in their opinion there is good reason therefor, shallrequire the treasurer to give a new bond, conditioned according to law and tothe satisfaction of the board, within such time as they may direct, and if thetreasurer fail to execute such bond, the office shall be deemed vacant andshall be immediately filled as other vacancies therein; but such sureties shallnot be released or discharged until the filing of the new bond or theexpiration of the time allowed therefor; and the cost of such application shallbe paid by the person making the same.
38-1-107. Compelling principal to pay debt.
Asurety may maintain an action against his principal to compel him to dischargethe debt or liability, for which the surety is bound, after the same becomesdue.
38-1-108. Action for indemnity before debt due.
Asurety may maintain an action against his principal to obtain indemnity againstthe debt or liability for which he is bound before it is due whenever any ofthe grounds exist upon which, by the provisions of this act, an order may bemade for arrest, or for an attachment.
38-1-109. Action for indemnity before debt due; obtaining provisionalremedies.
Insuch action the surety may obtain any of the provisional remedies mentioned indivision six of this act, upon the grounds and in the manner therein provided.
A person bound as surety in a writteninstrument for the payment of money, or other valuable thing, may, if right ofaction accrues thereon, require his creditor by a notice in writing, tocommence an action on such instrument forthwith, against the principal debtor;and unless the creditor commences such action within a reasonable timethereafter, and proceed with due diligence, in the ordinary course of law, torecover judgment against the principal debtor for the money or other valuablething due thereby, and to make by execution the amount thereof, the creditor,or the assignee of such instrument so failing to comply with the requisition ofsuch surety shall thereby forfeit the right which he would otherwise have todemand, and receive of such surety, the amount due thereon.
38-1-102. Requiring suit by creditor; requisition by personalrepresentative of surety.
The executor or administrator of a suretyso bound may, in like manner, make such requisition of the creditor, or hisexecutor or administrator, as provided in the preceding section; and in case offailure of the creditor, or his executor or administrator, to proceed astherein required, the executor or administrator, if he make the requisition,shall have the same relief as is therein provided for a surety.
38-1-103. Requiring suit by creditor; what bonds not affected.
Nothingin the last two (2) sections contained shall be so construed as to affect bondsrequired by law to be given by guardians, executors, administrators, trusteesof an express trust, public officers, or any bond or undertaking required bylaw to be given in an action or legal proceeding in any court in this state.
38-1-104. Rights on paying judgment.
Whenthe surety on a judgment, who is certified therein to be such, or his personalrepresentative pays the judgment, or any part thereof, he shall, to the extentof such payment, have all the rights and remedies against the principal debtorthat the plaintiff had at the time of such payment; and proceedings to revivethe judgment shall be as provided in section three hundred and seventy-four,and shall be in the name of such surety or representative; but the plaintiff inthe original action shall not be liable for any costs therein.
38-1-105. Application for release by surety of school districttreasurer.
Asurety of the treasurer of school funds in any school district, organized underthe provisions of law, may at any time notify the board of county commissionersof the proper county, by giving at least five (5) days notice in writing, thathe is unwilling to continue as surety for such treasurer, and will, at a timetherein named, make application to the board of county commissioners to bereleased from further liability upon his bond; and he shall also give at leastthree (3) days notice in writing to such treasurer, of the time and place atwhich the application will be made.
38-1-106. Application for release by surety of school districttreasurer; action of commissioners.
Theboard of county commissioners, upon such notice being given, shall hear theapplication, and if in their opinion there is good reason therefor, shallrequire the treasurer to give a new bond, conditioned according to law and tothe satisfaction of the board, within such time as they may direct, and if thetreasurer fail to execute such bond, the office shall be deemed vacant andshall be immediately filled as other vacancies therein; but such sureties shallnot be released or discharged until the filing of the new bond or theexpiration of the time allowed therefor; and the cost of such application shallbe paid by the person making the same.
38-1-107. Compelling principal to pay debt.
Asurety may maintain an action against his principal to compel him to dischargethe debt or liability, for which the surety is bound, after the same becomesdue.
38-1-108. Action for indemnity before debt due.
Asurety may maintain an action against his principal to obtain indemnity againstthe debt or liability for which he is bound before it is due whenever any ofthe grounds exist upon which, by the provisions of this act, an order may bemade for arrest, or for an attachment.
38-1-109. Action for indemnity before debt due; obtaining provisionalremedies.
Insuch action the surety may obtain any of the provisional remedies mentioned indivision six of this act, upon the grounds and in the manner therein provided.
