A surety who discharges the liability to be entitled to assignment of all securities held by a creditor
17 A surety who discharges the liability to be entitled to assignment of all securities held by a creditor
Every person who, being surety for the debt or duty of another, or being liable with another for any debt or duty, pays that debt, or performs that duty, shall be entitled—
to have assigned to him, or to a trustee for him, every judgment, speciality, or other security which is held by the creditor in respect of that debt or duty, whether that judgment, speciality, or other security is or is not deemed at law to have been satisfied by the payment of the debt or performance of the duty; and
to stand in the place of the creditor, and to use all the remedies, and, if need be, and upon a proper indemnity, to use the name of the creditor in any action or other proceeding at law or in equity, in order to obtain from the principal debtor, or any co-surety, co-contractor, or co-debtor as the case may be, indemnification for the advances made and loss sustained, by the person who has so paid the debt, or performed the duty.
Payment or performance so made by the surety, shall not be pleadable in bar of any such action or other proceeding by him.
No co-surety, co-contractor, or co-debtor shall be entitled under this section to recover from any other co-surety, co-contractor, or co-debtor more than the just proportion to which, as between those parties themselves, that other co-surety, co-contractor, or co‑debtor is justly liable.
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