Lecture 11
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Lecture 11 Presentation Transcript

  • 1. Indemnity
    and
    Guarantee
  • 2. Contract of Indemnity
    • Meaning
    • 3. Rights of Indemnity holder
    Recover costs paid in bringing a suit
    Recover damages suffered
    • Rights of Indemnifier:
    Similar to those of surety
  • 4. Contract of Guarantee
    Meaning
    Features
    • Primary liability in some person
    • 5. Essentials of valid contract
    • 6. Writing not necessary
  • Kinds of Guarantee
    Specific guarantee
    Continuing guarantee
    Revocation of continuing guarantee
    • By notice
    • 7. By death of surety
  • By other modes
    • Variance in the term of contract
    • 8. Release or discharge of principal debtor
    • 9. Agreement b/w Creditor & Debtor
  • Rights of Surety
    Against creditors
    Against principal debtor
    Against Co-sureties
  • 10. Rights against Creditors
    Right of set off
    2. Right to securities
  • 11. Rights against principal debtor
    Right of Subrogation
    Right to indemnity
    Rights against Co- sureties
    Right to claim contribution
    Right to share security
  • 12. Discharge of Surety
    Discharge by Revocation
    By Notice
    By Death of Surety
    By Novation
  • 13. 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
  • 14. 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.
  • 15. THANK YOU
    11