Section 138 of ICA : Section 138: Release Of One Co-Surety Does Not Discharge Others

ICA

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Explanation using Example

Imagine that Rita, Sam, and Alex are co-sureties for a loan that their friend John has taken from a bank. If the bank decides to release Rita from her obligation as a surety, this does not mean that Sam and Alex are off the hook. They are still liable to pay back the loan if John defaults. Moreover, Rita is still responsible to Sam and Alex for her share of the surety if they end up paying more than their individual portions of the debt.

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