State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_26 > GS_26-3_1

§26‑3.1.  Surety's recovery on obligation paid; no assignment necessary.

(a)        A surety who haspaid his principal's note, bill, bond or other written obligation, may eithersue his principal for reimbursement or sue his principal on the instrument andmay maintain any action or avail himself of any remedy which the creditorhimself might have had against the principal debtor. No assignment of theobligation to the surety or to a third‑party trustee for the surety'sbenefit shall be required.

(b)        The word "surety"as used herein includes a guarantor, accommodation maker, accommodationindorser, or other person who undertakes liability for the written obligationof another. (1959, c. 1120.)