Syfert Injury Law Firm

Your Trusted Partner in Personal Injury & Workers' Compensation

Call Now: 904-383-7448

2018 Georgia Code 10-7-40 | Car Wreck Lawyer

Link to State of Georgia Official Statute 2018 Georgia Code Annotated (sourced from legal.resource.org)
O.C.G.A. 10-7-40 Case Law from Google Scholar Amendments to OCGA 10-7-40

TITLE 10 COMMERCE AND TRADE

Section 7. Suretyship, 10-7-1 through 10-7-57.

ARTICLE 3 RIGHTS OF SURETY AGAINST PRINCIPAL, COSURETIES, AND THIRD PERSONS

10-7-40. Attachment against principal.

A surety or endorser is entitled to the process of attachment against his principal before payment of the debt under the same circumstances as any other creditor.

(Orig. Code 1863, § 2138; Code 1868, § 2133; Code 1873, § 2160; Code 1882, § 2160; Civil Code 1895, § 2979; Civil Code 1910, § 3551; Code 1933, § 103-301.)

JUDICIAL DECISIONS

Independent remedies provided surety.

- Former Civil Code 1910, §§ 3551, 3553, 3559, and 3560 were remedies to which the surety can resort for the surety's protection, independently of any voluntary action by the creditor. McMillan v. Heard Nat'l Bank, 19 Ga. App. 148, 91 S.E. 235 (1917).

Basis of liability.

- Liability between principals is not based on underlying notes but on inducement to action. Moore v. Lindsey, 662 F.2d 354 (5th Cir. 1981).

Action in equity after debt falls due.

- Paying party may proceed in equity against other principal at any time after debt falls due even if the other principal has not yet been served. Moore v. Lindsey, 662 F.2d 354 (5th Cir. 1981).

Call for contribution.

- One who discharges a note can call on one's joint debtor for contribution. Moore v. Lindsey, 662 F.2d 354 (5th Cir. 1981).

Basis for contribution.

- Right to call on a joint debtor for contribution arises upon implied contract of joint debtor to bear the debtor's share of debt. Moore v. Lindsey, 662 F.2d 354 (5th Cir. 1981).

Contribution in proportion to benefits received.

- Usually joint debtors are equally liable, but, upon highest equitable principles, if there is an inequality of benefits the debtors contribute not equally but in proportion to respective benefits accruing to each joint debtor from proceeds. Moore v. Lindsey, 662 F.2d 354 (5th Cir. 1981).

Recovery on implied promise of accommodated party.

- Accommodation party can recover on implied promise of accommodated party to indemnify the accomodating party. Moore v. Lindsey, 662 F.2d 354 (5th Cir. 1981).

RESEARCH REFERENCES

Am. Jur. 2d.

- 74 Am. Jur. 2d, Suretyship, §§ 58, 143.

C.J.S.

- 72 C.J.S., Principal and Surety, §§ 184 et seq., 200.

No results found for Georgia Code 10-7-40.