Kentucky Statutes 413.220 – Sureties who are discharged after seven years
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(1) A surety shall be discharged from all liability under any judgment or decree, after the lapse of seven (7) years without the issue of execution and prosecution in good faith for collection.
(2) A surety in any bond given in the course of any judicial proceeding shall be discharged from all liability on it unless suit is brought on it within seven (7) years after the cause of action accrues.
(3) A surety in any obligation or contract, other than those provided for in KRS
413.230, shall be discharged from all liability on it unless suit is brought on it within seven (7) years after the cause of action accrues.
Effective: October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. secs. 2548, 2549, 2551.
(2) A surety in any bond given in the course of any judicial proceeding shall be discharged from all liability on it unless suit is brought on it within seven (7) years after the cause of action accrues.
Terms Used In Kentucky Statutes 413.220
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Contract: A legal written agreement that becomes binding when signed.
- 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.
(3) A surety in any obligation or contract, other than those provided for in KRS
413.230, shall be discharged from all liability on it unless suit is brought on it within seven (7) years after the cause of action accrues.
Effective: October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. secs. 2548, 2549, 2551.