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Section 147 - Liability of co-sureties bound in different sums : Indian Contract Act
1872
Is Liability of co-sureties bound in different sums? Section 147 of Indian Contract Act
1872
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Section 147 of Indian Contract Act 1872 : "Liability of
co-sureties bound in different sums"
147 . Co-sureties who are bound in different sums are liable
to pay equally as far as the limits of their respective
obligations permit.
Illustrations
(a) A, B and C, as sureties for D, enter into three several
bonds, each in a different penalty, namely, A in the penalty of
10,000 rupees, B in that of 20,000 rupees, C in that of 40,000
rupees, conditioned for D's duly accounting to E. D makes
default to the extent of 30,000 rupees. A, B and C are liable to
pay 10,000 rupees.
(b) A, B and C, as sureties for D, enter into three several
bonds, each in a different penalty, namely, A in the penalty of
10,000 rupees, B in that of 20,000 rupees, C in that of 40,000
rupees, conditioned for D's duly accounting to E. D makes
default to the extent of 40,000 rupees. A is liable to pay
10,000 rupees, and B and C 15,000 rupees each.
(c) A, B and C, as sureties for D, enter into
three several bonds, each in a different penalty,
namely, A in the penalty of 10,000 rupees, B in that
of 20,000 rupees, C in that of 40,000 rupees,
conditioned for D's duly accounting to E. D makes
default to the extent of 70,000 rupees. A, B and C
have to pay each the full penalty of his bond. |