Montana Code 28-11-215. Exoneration of guarantor indemnified by principal
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28-11-215. Exoneration of guarantor indemnified by principal. A guarantor who has been indemnified by the principal is liable to the creditor to the extent of the indemnity notwithstanding that the creditor, without the assent of the guarantor, may have modified the contract or released the principal.
Terms Used In Montana Code 28-11-215
- Contract: A legal written agreement that becomes binding when signed.
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC