SECTION 25

The creditor shall within the month following the end of each semester of the calendar year as from the date of signature of the surety-bond communicate to the surety the account of the debts of the principal debtor giving details of their origin, the due dates of payment, the various amounts in terms of principal, interest and other accessories still unpaid at the end of the past semester, and reminding him of his option to revoke by literally reproducing the provisions of article 19 of this Uniform Act. Where the creditor fails to comply with the prescriptions of this article, he shall vis a vis the security lose the contractual interest which accrued from the date of the preceding information up to the date the latest information was communicated to him without prejudice to the provisions of article 29 of this Uniform Act. Any clause contrary to the provisions of this article shall be disregarded. ARTICLE.26 The liability of the surety shall be the same as that of the principal debtor. Any surety whose liability shall be joint and several shall in the same manner as the principal debtor be bound to discharge the main debt subject to any special provisions of this Uniform Act. However, the creditor may pursue the surety only by instituting an action against the principal debtor. ARTICLE.27 The court appointed surety and the surety whose liability is joint and several shall have no benefit of discussion. Unless he has expressly waived this benefit, the surety with single liability may once action has been commenced against him, require that the creditor exhaust his recourse against the principal debtor identifying the said debtor’s assets which can immediately be attached within the national territory and which are likely to yield sufficient funds for the full settlement of the debt. The surety shall also advance money to cover the cost of this exercise or deposit the necessary sum of money as may be fixed by the competent court for that purpose. Where the surety has identified these assets and deposited sufficient funds for the discussion, the creditor shall with regard to the surety be responsible up to the value of the identified assets for the insolvency of the debtor resulting from the creditor’s failure to pursue the said assets.