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Codified Laws
56 GUARANTY, SURETYSHIP AND INDEMNITY
TITLE 56

GUARANTY, SURETYSHIP AND INDEMNITY

Chapter

01.     Guaranty
02.     Suretyship
03.     Indemnity



56-1 GUARANTY
CHAPTER 56-1

GUARANTY

56-1-1      Guaranty defined.
56-1-2      Knowledge of principal unnecessary to creation of guaranty.
56-1-3      Consideration--When required.
56-1-4      Requirements as to writing--Signature of guarantor--Expression of consideration unnecessary.
56-1-5      Promise for consideration to answer for obligation of another--Writing unnecessary.
56-1-6      Obligation which renders the party making the promise the principal debtor, and the person in whose behalf it is made the surety--Writing unnecessary.
56-1-7      Promise for antecedent obligation of another--Writing unnecessary.
56-1-8      Undertaking by factor to sell merchandise and guarantee sale--Writing unnecessary.
56-1-9      Holder of instrument for the payment of money, upon which third person liable, transferring it in payment of precedent debt entering into a promise respecting such instrument--Writing unnecessary.
56-1-10      Acceptance of guaranty.
56-1-11      Guaranty of incomplete contract.
56-1-12      Guaranty that obligation is good or collectible.
56-1-13      Recovery upon guaranty that obligation is good or collectible.
56-1-14      Failure to take proceedings upon principal debt does not discharge guaranty of solvency.
56-1-15      Construction of guaranty--Unconditional in absence of terms importing condition precedent.
56-1-16      Liability of guarantor--Time of accrual--Default of principal--Demand or notice unnecessary.
56-1-17      Liability of guarantor of conditional obligation--Notice of default.
56-1-18      Obligations of guarantor--Scope and limitations.
56-1-19      Liability of guarantor--Contract of principal unlawful--Personal disability of principal.
56-1-20      Continuing guaranty defined.
56-1-21      Revocation of continuing guaranty--Exception.
56-1-22      Exoneration of guarantor--Alteration of original obligation of principal--Impairment of rights of creditors.
56-1-23      Void promises do not exonerate guarantor.
56-1-24      Liability of guarantor exonerated by agreement altering original obligation of debtor or impairing remedy of creditor not restored by rescission of such agreement.
56-1-25      Obligation of guarantor reduced by partial satisfaction of obligation.
56-1-26      Delay of creditors in enforcement of remedy--Guarantor not exonerated.
56-1-27      Liability of indemnified guarantor.
56-1-28      Discharge of principal by operation of law--Guarantor not exonerated.



56-2 SURETYSHIP
CHAPTER 56-2

SURETYSHIP

56-2-1      Suretyship defined.
56-2-2      Apparent principal may show that he is a surety.
56-2-3      Joint control of deposits of assets--Agreement between insured and surety--Withdrawal procedure.
56-2-4      Rights of a surety same as guarantor.
56-2-5      Performance of obligation when due by principal--Compelling by surety.
56-2-6      Neglect of creditor to proceed against principal at request of surety--Surety exonerated to the extent which he is prejudiced.
56-2-7      Property of principal first resorted to.
56-2-8      Surety exonerated in like manner with guarantor.
56-2-9      Surety exonerated by performance or offer of performance.
56-2-10      Surety exonerated to extent prejudiced by act of creditor.
56-2-11      Surety exonerated to extent prejudiced by omission of creditor.
56-2-12      Liability of surety limited by express terms of contract--Penalty for breach.
56-2-13      Suretyship relation not changed by creditor's judgment against surety.
56-2-14      Satisfaction of principal obligation by surety--Reimbursement, exception as to other persons.
56-2-15, 56-2-16. Repealed.
56-2-17      Surety subrogated to rights of creditor.



56-3 INDEMNITY
CHAPTER 56-3

INDEMNITY

56-3-1      Indemnity defined.
56-3-2      Indemnity for a future wrongful act void.
56-3-3      Indemnity for past wrongful act valid.
56-3-4      Indemnity extends to acts of agents.
56-3-5      Agreement to indemnify several persons applies to each.
56-3-6      Persons indemnifying liable jointly or severally with person indemnified.
56-3-7      Interpretation of contract of indemnity--Application of rules.
56-3-8      Indemnity against liability--Recovery by person indemnified.
56-3-9      Indemnity against claims, demands or damages--Recovery by person indemnified, payment required.
56-3-10      Indemnity against claims, demands or liability--Matters embraced in contract.
56-3-11      Defense by indemnitor of actions against indemnified--Right of person indemnified to conduct defense.
56-3-12      Neglect of person indemnifying to defend the person indemnified--Recovery against person indemnified conclusive.
56-3-13      Notice of action or proceedings against indemnified not received by indemnitor--Indemnitor not allowed to control defense--Judgment against indemnitor presumptive evidence.
56-3-14      Application of stipulation as to conclusiveness of judgment against person indemnified upon indemnitor.
56-3-15      Reimbursement of indemnitor.
56-3-16      Indemnification of architect or engineer for own errors prohibited in construction contract.
56-3-17      Conflicting provision in construction contract unlawful and unenforceable.
56-3-18      Indemnity agreement void as to liability for negligence in construction, repair or maintenance of structure or equipment.