aside. It was
observed that:
"It is the duty of the surety to pay the decretal
amount. On such payment he will be subrogated ... defeated if the creditor is asked to
postpone his remedies against the surety. In the
present case the creditor is banking company. A
guarantee
SC1740 (23)
ACT:
Indian Contract Act , Section 141 , scope of-Discharge of
surety-Conditions under which surety can be discharged under
sections ... lost on account of the negligence of the Creditor Whether
the Surety would not be discharged in the instant case on a
proper construction
Indian Contract Act itself provides that
"the liability of the surety is coextensive with that of the
principal debtor, unless it is otherwise ... Tenth edition, at page 728 it is observed thus:
"Coextensive. Surety's liability is coextensive with that of the
principal debtor
Chancery in Crythorne v.
Swinburne (1807) 14 Ves. 160, that the surety will be entitled to
every remedy which the creditor has against the principal ... Indian Contract
Act as regards the discharge of a surety from liability, when the
creditor parts with or loses the security held by him with
there was a variation in the terms of the contract
without the surety's (appellant's) consent and, under ... security was parted with or lost by the creditor
without surety's consent, the liability of the appellant was
discharged to the extent
passed against him,
the three appellants and two others stood sureties agreeing
jointly and severally to satisfy the decree. After the
'suit was decreed ... first respondent applied for execution
of the decree against the sureties. The-sureties raised the
pleas that the surety bond was not enforceable because
executed an indemnity bond and
that even assuming he was a surety under the terms of the
bond he was only responsible for ensuring payment ... company and its creditors does not affect the liability of
the surety unless the contract of suretyship otherwise
provides. [471 F-G]
Halsbury
remove wood without making due payment--Security
for payment thus lost-Surety whether discharged.
HEADNOTE:
At an auction held by the Divisional Forest Officer
Hoshangabad ... made default in payment of the
instalments due. One K had stood surety for J along with
another surety. J paid the first instalment
Supl. (1) 63
CITATOR INFO :
R 1967 SC1634 (6)
ACT:
Guarantee--Surety--Alteration of terms of letter of guar-
antee by principal debtor--Discharge ... surety's liability.
HEADNOTE:
The appellant agreed to stand surety for an overdraft
allowed by the respondent Bank to S. A blank form
contract of insurance pure and simple, insurer is not a surety. Insurer does not undertake to pay the original debt; but undertakes ... case, it was held that in a suit on mortgage though a surety for the mortgagor, who had contracted to make good the deficit which
