Home/South Dakota/Statutes/Title 56: GUARANTY, SURETYSHIP AND INDEMNITY/Ch. 56-1: GUARANTY/§ 56-1-16
South Dakota Statutes

§ 56-1-16 — Liability of guarantor--Time of accrual--Default of principal--Demand or notice unnecessary.

South Dakota·Title 56 GUARANTY, SURETYSHIP AND INDEMNITY·Ch. 56-1 GUARANTY
A guarantor of payment or performance is liable to the guarantee immediately upon the default of the principal and without demand or notice.

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South Dakota § 56-1-16 (Liability of guarantor--Time of accrual--Default of principal--Demand or notice unnecessary.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Related

American Prairie Construction Co. v. Tri-State Financial, LLC
529 F. Supp. 2d 1061 (D. South Dakota, 2007)
2 case citations

Legislative History

SDC 1939, § 26.0110.

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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