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Ways in Which Surety or Guarantor May Be Discharged


WAYS IN WHICH SURETY OR GUARANTOR MAY BE DISCHARGED. In general, the surety or guarantor may be discharged by payment of the obligation for which he is liable; by the creditor giving an extension of time to the principal; by the alteration, without his consent, of his contract; by the fraud, concealment and the like acts on the part of the creditor; and the creditor releasing, or negligently losing security for the debt. Each of these forms of discharges will be briefly discussed in their order.