South Dakota Codified Laws 56-1-18. Obligations of guarantor–Scope and limitations
Current as of: 2023 | Check for updates
|
Other versions
The obligation of a guarantor must be neither larger in amount nor in other respects more burdensome than that of the principal, and if in its terms it exceeds it, it is reducible in proportion to the principal obligation.
Terms Used In South Dakota Codified Laws 56-1-18
- 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.
Source: SDC 1939, § 26.0112.