South Dakota § 56-2-17 Surety subrogated to rights of creditor.

South Dakota Statutes

§ 56-2-17 — Surety subrogated to rights of creditor.

South Dakota·Title 56 GUARANTY, SURETYSHIP AND INDEMNITY·Ch. 56-2 SURETYSHIP

If the duty of the principal to the creditor is fully satisfied, the surety, to the extent that he has contributed to this satisfaction, is subrogated to all of the following:

(1)The rights of the creditor against the principal;

(2)Subject to the rule stated in subdivision (4) of this section, the interests which the creditor has in security for the principal's performance and in which the creditor has no continuing interest;

(3)The rights of the creditor against persons other than the principal whose negligence, willful conduct or breach of contract has made them liable to the creditor for the same default, loss or damage; and (4) The rights of the creditor against cosureties and to the creditor's interest in security held by them, but in such case the cosurety's personal l

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If the duty of the principal to the creditor is fully satisfied, the surety, to the extent that he has contributed to this satisfaction, is subrogated to all of the following: (1) The rights of the creditor against the principal; (2) Subject to the rule stated in subdivision (4) of this section, the interests which the creditor has in security for the principal's performance and in which the creditor has no continuing interest; (3) The rights of the creditor against persons other than the principal whose negligence, willful conduct or breach of contract has made them liable to the creditor for the same default, loss or damage; and (4) The rights of the creditor against cosureties and to the creditor's interest in security held by them, but in such case the cosurety's personal liability is limited to the amount which will satisfy his duty to contribute his share of the principal's default.

South Dakota § 56-2-17 (Surety subrogated to rights of creditor.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.