1. MCA Contents
  2. TITLE 28
  3. CHAPTER 11
  4. Part 4
  5. 28-11-419 Creditor entitled to benefit of security held by surety

TITLE 28. CONTRACTS AND OTHER OBLIGATIONS

CHAPTER 11. GUARANTY, INDEMNITY, AND SURETYSHIP

Part 4. Suretyship

Creditor Entitled To Benefit Of Security Held By Surety

28-11-419. Creditor entitled to benefit of security held by surety. A creditor is entitled to the benefit of everything which a surety has received from the debtor by way of security for the performance of the obligation and may, upon the maturity of the obligation, compel the application of such security to its satisfaction.

History: En. Sec. 3700, Civ. C. 1895; re-en. Sec. 5694, Rev. C. 1907; re-en. Sec. 8209, R.C.M. 1921; Cal. Civ. C. Sec. 2854; Field Civ. C. Sec. 1572; re-en. Sec. 8209, R.C.M. 1935; R.C.M. 1947, 30-508.