Louisiana Civil Code 3035 – Definition of suretyship
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Terms Used In Louisiana Civil Code 3035
- 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.
Suretyship is an accessory contract by which a person binds himself to a creditor to fulfill the obligation of another upon the failure of the latter to do so.
Acts 1987, No. 409, §1, eff. Jan. 1, 1988.