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1 - 6 of 6 (0.40 seconds)Section 135 in The Indian Contract Act, 1872 [Entire Act]
Section 133 in The Indian Contract Act, 1872 [Entire Act]
The Indian Contract Act, 1872
State Of Madhya Pradesh vs Kaluram on 5 September, 1966
As pointed out by this Court in State of Madhya Pradesh v.
Kaluram(1), the expression "security" in this section is not
used in any technical sense; it includes all rights which
the creditor has against the property at the date of the
contract. The surety is entitled on payment of the debt or
performance of all that he is liable for to the benefit of
the rights of the creditor against the principal debtor
which arise out of the transaction which gives rise to the
right or liability. The surety is therefore on payment of
the amount due by the principal debtor entitled to be put in
the same positionin which the creditor stood in relation to
the principal debtor. If the creditor has lost or parted
with the security without the consent of the surely, the
latter is by the express provision contained in s., 141,
discharged to the extent of the value of the security lost
or parted with.
Section 140 in The Indian Contract Act, 1872 [Entire Act]
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