Surety's Rights Against Other Sureties

Question 1

Is exoneration available against other sureties?

Answer 1

Yes; the surety may sue in equity to compel other sureties to pay their pro rata share.

Question 2

Does a surety have a right to contribution from co-sureties?

Does it matter that the statute of limitations has run on a creditor’s claims against the principal?

If one surety receives security from the principal, must he share it with co-sureties?

Answer 2

Yes. A surety who pays the principal’s debt is entitled to a pro rata share from co-sureties who are 1) liable on the same obligation; 2) solvent; and 3) within the jx of the equity court.

No. Still entitled to contribution.

Yes.