A surety who has paid the debt of his principal shall also be entitled to be substituted in place of the creditor as to all securities held by him for the payment of the debt.
(Orig. Code 1863, § 2156; Code 1868, § 2151; Code 1873, § 2177; Code 1882, § 2177; Civil Code 1895, § 2996; Civil Code 1910, § 3568; Code 1933, § 103-502.)
RESEARCH REFERENCES
Am. Jur. 2d.
- 74 Am. Jur. 2d, Suretyship, § 119.
23 Am. Jur. Pleading and Practice Forms, Subrogation, § 2.
C.J.S.- 72 C.J.S., Principal and Surety, § 181 et seq.
ALR.
- Payment of entire claim of third person as condition of subrogation, 9 A.L.R. 1596; 32 A.L.R. 568; 46 A.L.R. 857; 53 A.L.R. 304; 91 A.L.R. 855.
Adjudication as essential to right of surety or endorser to be subrogated to payee's rights in collateral, 62 A.L.R. 551.
Right as between surety on contractor's bond and assignee of money to become due on contract, 76 A.L.R. 917.
Right of subrogation of fiduciary's surety to claim of the estate against third person who knew or was chargeable with notice that fiduciary's transaction with him involved breach of fiduciary's obligation, 134 A.L.R. 997.
Surety's right to be subrogated to obligee's right against third person as affected by equities in favor of latter which are insufficient to prevent his liability to obligee, 137 A.L.R. 700.
Right of surety who has not paid debt to judicial protection of right of subrogation to creditor's securities, 160 A.L.R. 421.
CHAPTER 8 ECONOMIC DEVELOPMENT COUNCIL