South Dakota Codified Laws 56-1-16. Liability of guarantor–Time of accrual–Default of principal–Demand or noticeunnecessary
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A guarantor of payment or performance is liable to the guarantee immediately upon the default of the principal and without demand or notice.
Terms Used In South Dakota Codified Laws 56-1-16
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
Source: SDC 1939, § 26.0110.