Where a contract of surety is concluded for an indefinite term, once the principal debtor’s obligation falls due the surety may, where action may be brought only on such conditions, request that the creditor assert his claim within a period of four weeks, instigate proceedings to realise any existing pledges and pursue his claim without significant interruption.
In the case of claims that fall due on expiry of a period of notice served by the creditor, once one year has elapsed since the contract of surety was concluded, the surety has the right to request that the creditor serve notice and, once the obligation is due, exercise his rights in accordance with para. 1.
The surety is released if the creditor does not comply with such request.
0 commentaries
No commentaries are available for this article yet.
Continue your research in ChatGPT or Claude
Connect Omnilex to search the legal corpus from your AI assistant.