§ 56-1-1 Guaranty defined
§ 56-1-2 Knowledge of principal unnecessary to creation of guaranty
§ 56-1-3 Consideration–When required
§ 56-1-4 Requirements as to writing–Signature of guarantor–Expression of considerationunnecessary
§ 56-1-5 Promise for consideration to answer for obligation of another–Writing unnecessary
§ 56-1-6 Obligation which renders the party making the promise the principal debtor, and theperson in whose behalf it is made the surety–Writing unnecessary
§ 56-1-7 Promise for antecedent obligation of another–Writing unnecessary
§ 56-1-8 Undertaking by factor to sell merchandise and guarantee sale–Writing unnecessary
§ 56-1-9 Holder of instrument for the payment of money, upon which third person liable,transferring it in payment of precedent debt entering into a promise respecting suchinstrument–Writin
§ 56-1-10 Acceptance of guaranty
§ 56-1-11 Guaranty of incomplete contract
§ 56-1-12 Guaranty that obligation is good or collectible
§ 56-1-13 Recovery upon guaranty that obligation is good or collectible
§ 56-1-14 Failure to take proceedings upon principal debt does not discharge guaranty ofsolvency
§ 56-1-15 Construction of guaranty–Unconditional in absence of terms importing conditionprecedent
§ 56-1-16 Liability of guarantor–Time of accrual–Default of principal–Demand or noticeunnecessary
§ 56-1-17 Liability of guarantor of conditional obligation–Notice of default
§ 56-1-18 Obligations of guarantor–Scope and limitations
§ 56-1-19 Liability of guarantor–Contract of principal unlawful–Personal disability ofprincipal
§ 56-1-20 Continuing guaranty defined
§ 56-1-21 Revocation of continuing guaranty–Exception
§ 56-1-22 Exoneration of guarantor–Alteration of original obligation of principal–Impairmentof rights of creditors
§ 56-1-24 Liability of guarantor exonerated by agreement altering original obligation of debtoror impairing remedy of creditor not restored by rescission of such agreement
§ 56-1-25 Obligation of guarantor reduced by partial satisfaction of obligation
§ 56-1-26 Delay of creditors in enforcement of remedy–Guarantor not exonerated
§ 56-1-27 Liability of indemnified guarantor
§ 56-1-28 Discharge of principal by operation of law–Guarantor not exonerated

Terms Used In South Dakota Codified Laws > Title 56 > Chapter 1 - Guaranty

  • Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
  • Contract: A legal written agreement that becomes binding when signed.
  • 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.
  • Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
  • Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
  • Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
  • Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation.