The surety shall only settle the debt where the principal debtor fails to do so.
The creditor may not commence any action against the surety unless the principal debtor fails to comply with a formal notice to pay.
The creditor shall give notice to the surety of any extension of time he grants the principal debtor to pay his debt. The surety may object to such extension and institute proceedings against the debtor to compel him to pay or provide security or protective measures Notwithstanding any clause to the contrary, any decision to accelerate payment shall not automatically be binding on the surety who shall only be required to pay on the date fixed at the time the security was given. However, the surety may lose this right where he, having been duly served, fails to discharge his obligation on the agreed date.
Official translation
Transcription: Spot-checked
In force from 16-05-2011
Source page 11
The document's transcription was spot-checked against the supplied source; this does not confirm a line-by-line review of every provision.
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