North Dakota Code 22-03-06 – Exoneration of surety – Methods
Current as of: 2023 | Check for updates
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A surety is exonerated:
Terms Used In North Dakota Code 22-03-06
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- 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.
1. In like manner with a guarantor; 2. By performance of the principal obligation or tender of such performance duly made as provided in this code; 3. To the extent to which the surety is prejudiced by any act of the creditor which would naturally prove injurious to the remedies of the surety or inconsistent with the surety’s rights, or which lessens the surety’s security; or
4. To the extent to which the surety is prejudiced by an omission of the creditor to do anything when required by the surety which it is the creditor’s duty to do.