46
Short title.
Consideration for guarantee need not appear by writing.
No. 1.] THE ORDINANCES OF HONGKONG: [A.D. 1864.
BE it enacted by the Governor of Hongkong, with the advice of the Legislative Council thereof, as follows:-
1. This Ordinance may be cited as the Mercantile Law Amendment Ordinance, 1864.
2. No special promise to be made by any person after the commencement of this Ordinance to answer for the debt, default, or miscarriage of another person, being in writing and signed by the party to be charged therewith or some other person by him thereunto lawfully authorized, shall be deemed invalid to support an action, suit, or other proceeding to charge the person by whom such promise has been made, by reason only that the consideration for such promise does not appear in writing or by necessary inference from a written document.
19 & 20 Vict. c. 97 s. 3.
Right of surety who discharges liability to assignment of all securities held by creditor. Ib. s. 5.
Limitation of actions for merchants' accounts. Ib, s. 9.
3. Every person who, being surety for the debt or duty of another or being liable with another for any debt or duty, pays such debt or performs such duty shall be entitled to have assigned to him, or to a trustee for him, every judgment, specialty, or other security which is held by the creditor in respect of such debt or duty, whether such judgment, specialty, 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 such person shall be entitled 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 such debt or performed such duty, and such payment or performance so made by such surety shall not be pleadable in bar of any such action or other proceeding by him: Provided always that no co-surety, co-contractor, or co-debtor shall be entitled to recover from any other co-surety, co-contractor, or co-debtor, by the means aforesaid, more than the just proportion to which, as between those parties themselves, such last-mentioned person is justly liable.
4. All actions of account or for not accounting, and suits for such accounts as concern the trade of merchandise, between merchant and merchant, their factors or servants, shall be commenced and sued within six years after the cause of such actions or suits; and no claim in respect of a matter which arose more than six years before the commencement of such action or suit shall be enforceable by action or any suit by reason only of some other matter of claim comprised in the same account having arisen within six years next before the commencement of such action or suit.
A.D.
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