Louisiana Civil Code 3050 – Surety’s right of reimbursement for payment of obligation not owed
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Louisiana Civil Code 3050
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
A surety who in good faith pays the creditor when the principal obligation is extinguished, or when the principal obligor had the means of defeating it, is nevertheless entitled to reimbursement from the principal obligor if the surety made a reasonable effort to notify the principal obligor that the creditor was insisting on payment or if the principal obligor was apprised that the creditor was insisting on payment.
The surety’s rights against the creditor are not thereby excluded.
Acts 1987, No. 409, §1, eff. Jan. 1, 1988.