which is the discharge of
| the principal debtor."
"137. 'Creditor's forbearance to sue does not discharge surety' -- Mere forbearance ... surety requires him to do, and the eventual remedy of the surety himself against the principal debtor is thereby impaired, the surety is discharged
absence of any provision in the guarantee to the contrary, discharge the surety." It is unnecessary for us to refer to some ... absence of any guarantee to the contrary, did not discharge the surety. In Section 134 it is provided in very clear terms that the surety
manner.
Section 133 of the Contract Act, 1872 deals with discharge of surety by variance in terms of contract. The petitioners have referred to Illustration ... been placed by the learned counsel for the petitioners provides for discharge of surety when creditor compounds with, gives time to, or agrees
that it had actually
been avoided fay the former did not discharge the surety. Further, it is clear that where, as in this country ... also been held that the discharge of a principal debtor by operation of law did not discharge the surety, (See Jagannath v. Shivnarayan
principal debtor, without consent of surety, and such variation shall discharge surety in respect of transactions subsequent to the variation vide Section ... principal debtor(s), such act shall result in discharge of the surety, unless surety assents to such contract of variation etc. This is what
released by the corporation, but they were co-sureties. Release of a surety does not discharge the remaining sureties or guarantors from their liabilities. Section ... other sureties, if the sureties are not joint sureties. In this case the other guarantors were co-sureties and release of a co-surety does
transactions, is called a 'continuing guarantee'.
133. " Discharge of surety by variance in terms of contract.--Any variance, made without the surety ... Principal Debtor and the Creditor made without the sureties caused will discharge the surety as to transactions subsequent to the variance. What follows is that
sureties.
5. The third and the last contention raises a question of some importance. It is argued that the sureties were discharged in consequence ... absence of any provision in the guarantee to the contrary, discharge the surety. There is some difference of opinion among the High Courts
Colonel Oldham. Katherine Hodges and Captain Craster were understood to have stood sureties with joint and several liability. In order to secure the loan advanced ... some default by Colonel Oldham. There are other issues about discharge of sureties, but all that is not relevant. The Bank brought a suit
surety for the amount of income-tax, wealth-tax and gift-tax outstanding against the said firm to the extent specified in the surety bond ... learned standing counsel for the respondents, submitted that the petitioner stood surety for discharge of the income-tax, wealth-tax and gift-tax liability
