1912_MERCANTILE_LAW_AMENDMENT_ORDINANCE__1864 — Page 2

MERCANTILE LAW AMENDMENT.

No. 1 of 1864.

49

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s. 5.]

3. Every person who, being surety for the debt or duty of Right of another or being liable with another for any debt or duty, pays discharges

Surety who such debt or performs such duty shall be entitled to have assigned liability to to him, or to a trustee for him, every judgment, specialty, or other

assignment of all securi- security which is held by the creditor in respect of such debt or duty, whether such judgment, spécialty, or other security is or is not deemed at law to have been satisfied by the payment of the Tief, c. 97 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.

for

accounts.

4. All actions of account or for not accounting, and suits for Limitation such accounts as concern the trade of merchandise, between of actions merchant and merchant, their factors or servants, shall be merchants' commenced and sued within 6 years after the cause of such actions rib. s. 9. 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.

periods of

suits not to

5. No person or persons who is or are entitled to any action or Certain suit with respect to which the period of limitation within which imitation of the same shall be brought is fixed by section 3 of the Act 21 actions and James I, chapter 16 (the Limitation Act, 1623), or by section 17 be extended of the Act 4 & 5 Anne, chapter 3, or by section 5 of the Act 53 by absence George III, chapter 127, or by sections 40, 41, and 42 of the Act Colony or 3 & 4 William IV, chapter 27 (the Real Property Limitation Act, person

imprisonment

* As amended by No. 50 of 1911, No. 51 of 1911, No. 21 of 1912, entitled.

and No. 22 of 1912. 4 and 5 Anne chap. 3 is equivalent to [ib. s. 10.] the 4 and 5 Anne chap. 16 of Ruffbead's Edition.

from the

**

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