South Dakota Statutes

§ 56-1-12 — Guaranty that obligation is good or collectible.

South Dakota·Title 56 GUARANTY, SURETYSHIP AND INDEMNITY·Ch. 56-1 GUARANTY

A guaranty to the effect that an obligation is good or is collectible imports that the debtor is solvent and that the demand is collectible by the usual legal proceedings, if taken with reasonable diligence.

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South Dakota § 56-1-12 (Guaranty that obligation is good or collectible.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

SDC 1939, § 26.0108.

Nearby Sections

15

§ 56-1-1

Guaranty defined.

§ 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.

§ 56-1-2

Knowledge of principal unnecessary to creation of guaranty.

§ 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.

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