South Dakota Statutes

§ 56-2-7 — Property of principal first resorted to.

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

Whenever property of a surety is hypothecated with the property of the principal, the surety is entitled to have the property of the principal first applied to the discharge of the obligation.

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South Dakota § 56-2-7 (Property of principal first resorted to.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Related

State of Wis. Inv. Bd. v. Hurst

410 N.W.2d 560 (South Dakota Supreme Court, 1987)

12 case citations

Legislative History

SDC 1939, § 26.0212.

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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