MERCANTILE LAW AMENDMENT.
No. 1 of 1864.
49
shall be rd High reland," e by the any of isage lo hall be where by costs action, e same ceeding strued, : Lord vay of jed by ed by grant, that 4.] r the riting erson id to erson ; the r by ties held by 19 & 20 creditor.
s. 5.]
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 6 years after the cause of such actions or suits; and no claim in respect of a matter which arose more than 6 years before the commencement of any such action or suit shall be enforceable by action or suit by reason only of some other matter of claim comprised in the same account having arisen within 6 years next before the commencement of such action or suit.
5. No person or persons who is or are entitled to any action or suit with respect to which the period of limitation within which the same shall be brought is fixed by section 3 of the Act 21 James I, chapter 16 (the Limitation Act, 1623), or by section 17 of the Act 4 & 5 Anne, chapter 3, or by section 5 of the Act 53 George III, chapter 127, or by sections 40, 41, and 42 of the Act 3 & 4 William IV, chapter 27 (the Real Property Limitation Act, Colony or person ... from the imprisonment * As amended by No. 50 of 1911, No. 51 of 1911, No. 21 of 1912, and No. 22 of 1912. 4 and 5 Anne chap. 3 is equivalent to the 4 and 5 Anne chap. 16 of Ruffhead's Edition.
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