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Rights of Surety Against creditors Against principal debtor Against Co-sureties
Rights against Creditors Right of set off 2. Right to securities
Rights against principal debtor Right of Subrogation Right to indemnity Rights against Co- sureties Right to claim contribution Right to share security
Discharge of Surety Discharge by Revocation By Notice By Death of Surety By Novation
B. By the Conduct of creditor (i) Variance in the term of contract (ii) Release or discharge of principal debtor or any ommision of creditor (iii) Compounding with debtor (iv)Creditor’s act or ommision impairing surety’s eventual remedy (v) Loss of security
C. Discharge by invalidation of Contract Guarantee obtained by misrepresentation Guarantee obtained by concealment Guarantee on contract that creditor shall not act on it untill a co-surety joins.