Page:United States Statutes at Large Volume 76A.djvu/316

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–220–

-220§ 3793. Rescission of agreement altering obligation or impairing remedy The rescission of an agreement altering the original obligation of a debtor, or impairing the remedy of a creditor, does not restore the liability of a guarantor who has been exonerated by the agreement. § 3794. Partial satisfaction of obligation The acceptance, by a creditor, of anything in partial satisfaction of an obligation, reduces the obligation of a guarantor thereof, in the same measure as that of the principal, but does not otherwise aflfect it. § 3795. Delay in proceeding by creditor Mere delay on the part of a creditor to proceed against the principal, or to enforce any other remedy, does not exonerate a guarantor. § 3796. Liability of indemnified guarantor notwitlistanding modification or release A guarantor who has been indemnified by the principal is liable to the creditor to the extent of the indemnity, notwithstanding that the creditor, without the assent of the guarantor, may have modified the contract or released the principal. § 3797. E£fect of discharge of principal A guarantor is not exonerated by the discharge of his principal by operation of law, without the intervention or omission of the creditor. CHAPTER 95—SURETYSHIP SUBCHAPTER I

GENERAL PROVISIONS

See.

8831. Definition of surety. 3832. Apparent principal may show that he is surety. SUBCHAPTER II

3851. 3852. 3853. 3854. 8855.

LIABILITY OF SURETIES

Limit of surety's obligation. Rules of interpretation. Effect of judgment against surety. Exoneration by performance or offer of performance. Discharge by certain acts of creditor. SUBCHAPTER HI—RIGHTS OF SVBETIEB

3871. 3872. 3873. 3874. 3875. 3876. 3877.

Surety has rights of guarantor. Pursuit of certain remedies by creditor; exoneration of surety for neglect Compelling principal to perform. Reimbursement of surety by principal. Subrogation to creditor's rights; contribution from cosureties. Entitlement to benefits of securities held by creditor. Property of principal to be applied first. SUBCHAPTER IV

BIGHTS OF CREDITORS

8901. Entitlement to benefits of securities held by surety. SUBCHAPTER V

3921. 3922. 3923. 3924. 8925. 3926. 3927. 3928. 3929.

LETTER OF CREDIT

Definition of letter of credit. How addressed. Liability of the writer. General or special letters of credit. Nature and effect of general letter of credit. Extent of general letter of credit. Letter as continuing guaranty in certain cases. Notice to writer of letter. Agreement of credit with terms of letter.