Montana Code 28-11-206. Liability upon guaranty of conditional obligation — notice of default
Current as of: 2023 | Check for updates
|
Other versions
28-11-206. Liability upon guaranty of conditional obligation — notice of default. If a person guarantees a conditional obligation, the person’s liability is commensurate with that of the principal and the person is not entitled to notice of the default of the principal unless the person is unable, by the exercise of reasonable diligence, to acquire information of the default and the creditor has actual notice of the default.
Terms Used In Montana Code 28-11-206
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201