ICA Chapter 8 – Of indemnity and guarantee

• Section 124. Contract of indemnity defined
• Section 125. Right of indemnity-holder when sued
• Section 126. Contract of guarantee, surety, principal debtor and creditor
• Section 127. Consideration for guarantee
• Section 128. Surety’s liability
• Section 129. Continuing guarantee
• Section 130. Revocation of continuing guarantee
• Section 131. Revocation of continuing guarantee by surety’ death
• Section 132. Liability of two persons, primarily liable, not affected by arrangement between them that one shall be surety on other’s default
• Section 133. Discharge of surety by variance in terms of contract
• Section 134. Discharge of surety by release or discharge of principal debtor
• Section 135. Discharge of surety when creditor compounds with, gives time to, or agrees not to sue, principal debtor
• Section 136. Surety not discharged when agreement made with third person to give time to principal debtor
• Section 137. Creditor’s forbearance to sue does not discharge surety
• Section 138. Release of one co-surety does not discharge other
• Section 139. Discharge of surety by creditor’s act or omission impairing surety’s eventual remedy
• Section 140. Rights of surety on payment or performance
• Section 141. Surety’s right to benefit of creditor’s securities
• Section 142. Guarantee obtained by misrepresentation, invalid
• Section 143. Guarantee obtained by concealment, invalid
• Section 144. Guarantee on contract that creditor shall not act on it until co-surety joins
• Section 145. Implied promise to indemnify surety
• Section 146. Co-sureties liable to contribute equally
• Section 147. Liability of co-sureties bound in different sums
• Section 158. Repayment, by bailor, of necessary expenses