676
Consideration for guarantee need not appear by writing.
Guarantee to or for a firm to cease upon a change in the firm except in special cases.
A surety who discharges
ORDINANCE No. 13 OF 1864.
Mercantile Law Amendment.
any part thereof cannot be found, and unless the Court shall otherwise order, the sheriff or other officer of such Court of Record shall distrain the defendant by all his lands and chattels in the Colony, till the defendant deliver such goods, or at the option of the plaintiff, cause to be made of the defendant's goods the assessed value or damages, or a due proportion thereof; provided that the plaintiff shall, either by the same or a separate writ of execution, be entitled to have made of the defendant's goods the damages, costs, and interest in such action or suit.
4. No special promise to be made by any person, after the passing 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 shall have been made, by reason only that the consideration for such promise does not appear in writing, or by necessary inference from a written document.
5. No promise to answer for the debt, default, or miscarriage of another made to a firm consisting of two or more persons, or to a single person trading under the name of a firm, and no promise to answer for the debt, default, or miscarriage of a firm consisting of two or more persons, or of a single person trading under the name of a firm, shall be binding on the person making such promise in respect of anything done or omitted to be done after a change shall have taken place in any one or more of the persons constituting the firm, or in the person trading under the name of a firm, unless the intention of the parties, that such promise shall continue to be binding notwithstanding such change, shall appear either by express stipulation or by necessary implication from the nature of the firm or otherwise.
6. Every person who, being surety for the debt or duty of another, or being liable with another for any debt or duty, shall pay such debt or perform such duty, shall be entitled to have assigned to him, or to a trustee for him, every judgment, specialty, or other security which shall be held by the creditor in respect of such debt or duty, whether such judgment, specialty, or other security shall or shall not be 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.
676
Consideration for guarantee need not
appear by writing.
Guarantee to
or for a firm
to cease upon. a change in the firm ex- cept in spe- cial cases.
A surety who discharges
ORDINANCE No. 13 OF 1864.
Mercantile Law Amendment.
any part thereof cannot be found, and unless the Court shall otherwise order, the sheriff or other officer of such Court of Record shall distrain the defendant by all his lands and chattels in the Colony, till the defendant deliver such goods, or at the option of the plaintiff, cause to be made of the defendant's goods the assessed value or damages, or a due proportion thereof; provided that the plaintiff shall, either by the same or a separate writ of execution, be entitled to have made of the defendant's goods the damages, costs, and interest in such action or suit.
4. No special promise to be made by any person, after the passing 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 shall have been made, by reason only that the consideration for such promise does not appear in writing, or by necessary inference from a written document.
5. No promise to answer for the debt, default, or miscarriage of another made to a firm consisting of two or more persons, or to a single person trading under the naine of a firm, and no promise to answer for the debt, default, or miscarriage of a firm consisting of two or more persons, or of a single person trading under the name of a firm, shall be binding on the person making such promise in respect of anything done or omitted to be done after a change shall have taken place in any one or more of the persons constituting the firm, or in the person trading under the name of a firm, unless the intention of the parties, that such promise shall continue to be binding notwithstanding such change, shall appear either by express stipulation or by necessary implication from the nature. of the firm or otherwise.
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6. Every person who, being surety for the debt or duty of another, or being liable with another for any debt or duty, shall pay such debt or to assignment perform such duty, shall be entitled to have assigned to him, or to a
the liability
to be entitled
of all secu
rities held by the creditor.
as
trustee for him, every judgment, specialty, or other security which shallTM be held by the creditor in respect of such debt or duty, whether such judgment, specialty, or other security shall or shall not be 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 cred- itor, and to use all the remedies, and, if need be, and upon a proper in- demnity; to use the name of the creditor, in any action or other proceed-
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