Louisiana Civil Code 3060 – Prescription of the surety’s obligation, right of reimbursement, and contribution
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Terms Used In Louisiana Civil Code 3060
- 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.
Prescription of the principal obligation extinguishes the obligation of the surety. A surety’s action for contribution from his co-sureties and his action for reimbursement from the principal obligor prescribe in ten years.
The interruption of prescription against a surety is effective against the principal obligor and other sureties only when such parties have mutually agreed to be bound together with the surety against whom prescription was interrupted.
Acts 1987, No. 409, §1, eff. Jan. 1, 1988.