Indiana Code 34-22-1-2. Discharge of surety
Current as of: 2024 | Check for updates
|
Other versions
Sec. 2. If the creditor or obligee does not:
(2) prosecute the action to judgment and execution;
(1) proceed within a reasonable time to bring an action upon the contract; and
Terms Used In Indiana Code 34-22-1-2
- Contract: A legal written agreement that becomes binding when signed.
- Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
the surety is discharged from all liability on the contract.
[Pre-1998 Recodification Citation: 34-1-55-2.]
As added by P.L.1-1998, SEC.17.