North Dakota Statutes
§ 22-01-03 — Original obligation sufficient consideration - Exception
When a guaranty is entered into at the same time as the original obligation or at the same
time as the acceptance of the original obligation by the guarantee and forms, with that
obligation, a part of the consideration to the guarantee, no other consideration is necessary. In
all other cases there must be a consideration distinct from that of the original obligation.
Free access — add to your briefcase to read the full text and ask questions with AI
North Dakota § 22-01-03 (Original obligation sufficient consideration - Exception) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Related
Frontier Fiscal Services LLC v. Pinky's Aggregates, Inc.
2019 ND 147 (North Dakota Supreme Court, 2019)
American Federal Bank v. Grommesh
2021 ND 228 (North Dakota Supreme Court, 2021)
Nearby Sections
15
§ 22-01-01
Definitions§ 22-01-05
When a guaranty need not be in writing§ 22-01-06.2
Surety or guarantor may withdraw within ten days§ 22-01-06.3
When account furnished surety or guarantor§ 22-01-06.4
Surety or guarantor may withdraw at any time§ 22-01-06.5
Public policy