South Dakota Codified Laws 56-1-17. Liability of guarantor of conditional obligation–Notice of default
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Where one guarantees a conditional obligation his liability is commensurate with that of the principal, and he is not entitled to notice of the default of the principal unless he is unable, by the exercise of reasonable diligence, to acquire information of such default, and the creditor has actual notice thereof.
Terms Used In South Dakota Codified Laws 56-1-17
- 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.
Source: SDC 1939, § 26.0111.