§483-4  Effect of obligee's release to one
or more.  Subject to section 483-3, the obligee's release or discharge of
one or more of several obligors, or of one or more of joint, or of joint and
several obligors shall not discharge co-obligors, against whom the obligee in
writing and as part of the same transaction as the release or discharge,
expressly reserves the obligee's rights; and in the absence of such a
reservation of rights shall discharge co-obligors only to the extent provided
in section 483-5. [L 1941, c 60, §4; RL 1945, §8744; RL 1955, §192-4; HRS
§483-4; gen ch 1985]



 



Case Notes



 



  Where there was no reservation of rights in purchase
agreement option by obligee against one co-obligor and no relationship between
the co-obligors as joint debtors requiring payment, indemnification or
contribution, §483-5 did not apply; thus, as there was no reservation of rights
in purchase option by obligee against one co-obligor, as required under this
section, the purchase option which discharged that co-obligor from liability
for the balance due under the agreement of sale discharged the other co-obligor
as well.  89 H. 461 (App.), 974 P.2d 1051.