West Virginia § 45-1-2 Discharge of surety, guarantor or indorser by failure of creditor to sue

West Virginia Statutes

§ 45-1-2 — Discharge of surety, guarantor or indorser by failure of creditor to sue

West Virginia § 45-1-2

Ch. 45SURETYSHIP AND GUARANTY

Art. 1SURETIES, GUARANTORS, INDORSERS, BAIL AND PRINCIPALS

This text of West Virginia § 45-1-2 (Discharge of surety, guarantor or indorser by failure of creditor to sue) is published on Counsel Stack Legal Research, covering West Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

W. Va. Code § 45-1-2 (2026).

Text

If such creditor or his committee or representative shall not, within a reasonable time after such notice, institute suit against every party to such contract who is a resident in this state, and not insolvent, and prosecute the same with due diligence to judgment and by execution, he shall forfeit his right to demand of such surety, guarantor or indorser or his estate, and all his cosureties and their estates, the money due by any such contract for the payment of money, or the damages sustained by any breach of the collateral condition or undertaking specified as aforesaid. But the conditions, rights, and remedies against the principal debtor shall remain unimpaired thereby.

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If such creditor or his committee or representative shall not, within a reasonable time after such notice, institute suit against every party to such contract who is a resident in this state, and not insolvent, and prosecute the same with due diligence to judgment and by execution, he shall forfeit his right to demand of such surety, guarantor or indorser or his estate, and all his cosureties and their estates, the money due by any such contract for the payment of money, or the damages sustained by any breach of the collateral condition or undertaking specified as aforesaid. But the conditions, rights, and remedies against the principal debtor shall remain unimpaired thereby.