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Ways in Which Surety or Guarantor May Be Discharged

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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.