search this site - type your query and submit

Daily Email Newsletter (Sign-up Free)

Section 140, Contract Act 1872: Rights Of Surety On Payment Or Performance

Section 140 under the Chapter VIII (Of indemnity and guarantee) of the Contract Act, 1872 of India - 'Rights of surety on payment or performance', is reproduced hereunder:—

“Where a guaranteed debt has become due, or default of the principal debtor to perform a guaranteed duty has taken place, the surety, upon payment or performance of all that he is liable for, is invested with all the rights which the creditor had against the principal debtor.”

No comments:

Post a Comment

In comment with "Name/Url" option, only Name is mandatory to be filled.