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MERCANTILE LAW AMENDMENT ACT 1856 - SECT 5

Surety who discharges the liability to be entitled to assignment of all securities held by the creditor, and to stand in the place of the creditor.

5. Every person who, being surety for the debt or duty of another, or being
liable with another for any debt or duty, shall pay such debt or perform such
duty, shall be entitled to have assigned to him, or to a trustee for him,
every judgment specialty, or other security which shall be held by the
creditor in respect of such debt or duty, whether such judgment, specialty, or
other security shall or shall not be deemed at law to have been satisfied by
the payment of the debt or performance of the duty, and such person shall be
entitled to stand in the place of the creditor, and to use all the remedies,
and, if need be, and upon a proper indemnity, to use the name of the creditor,
in any action or other proceeding, at law or in equity, in order to obtain
from the principal debtor, or any co-surety, co-contractor, or co-debtor, as
the case may be, indemnification for the advances made and loss sustained by
the person who shall have so paid such debt or performed such duty, and such
payment or performance so made by such surety shall not be pleadable in bar of
any such action or other proceeding by him: Provided always, that no
co-surety, co-contractor, or co-debtor shall be entitled to recover from any
other co-surety, co-contractor, or co-debtor, by the means aforesaid, more
than the just proportion to which, as between those parties themselves, such
last-mentioned person shall be justly liable.

Ss.6, 7 rep. by 1882 c.61 s.96 sch.2


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