The surety may commence proceedings against the principal debtor in recovery of the debt or request that his interests in the estate of the debtor be preserved even before he settles the debt in the following circumstances:
- as soon as proceedings are instituted against him; or
- where the debtor is in default of payment or fails to meet his liabilities; or
- where the debtor fails to release the surety of his obligations within the agreed time limit; or
- where payment of the debt has become due pursuant to the agreement between the creditor and the debtor.
Section 4
Termination of the Surety-bond
Official translation
Transcription: Spot-checked
In force from 16-05-2011
Source page 14
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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