Utah Code 15-4-3. Payments by co-obligor
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Utah Code 15-4-3
- Obligee: includes a creditor and a person having a right based on a tort. See Utah Code 15-4-1
- Obligor: includes a debtor and a person liable for a tort. See Utah Code 15-4-1
- Several obligors: means obligors severally bound for the same performance. See Utah Code 15-4-1
The amount or value of any consideration received by the obligee from one or more of several obligors, or from one or more of joint or of joint and several obligors, in whole or in partial satisfaction of their obligations shall be credited to the extent of the amount received on the obligation of all co-obligors to whom the obligor or obligors giving the consideration did not stand in the relation of a surety.