Terms Used In Louisiana Civil Code 3056

  • 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 pays the creditor may proceed directly or by way of subrogation to recover from his co-sureties the share of the principal obligation each is to bear.  If a co-surety becomes insolvent, his share is to be borne by those who would have borne it in his absence.

Acts 1987, No. 409, §1, eff. Jan. 1, 1988.