Indiana Code 34-22-1-1. Applicability of chapter; surety may require creditor or obligee to commence action on contract
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Sec. 1. (a) This chapter applies to a person who is bound as surety upon a contract in writing for the:
(2) performance of any act.
(1) payment of money; or
Terms Used In Indiana Code 34-22-1-1
- Contract: A legal written agreement that becomes binding when signed.
- in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
(b) When the right of action has accrued, the surety may require, by notice in writing, the creditor or obligee to immediately institute an action upon the contract.
[Pre-1998 Recodification Citation: 34-1-55-1.]
As added by P.L.1-1998, SEC.17.