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What is Surety Liability in Pastoral Case about?

The Supreme Court ruled that the surety company, Mutual Security Insurance Corporation, is liable to Pedro Pastoral for the unpaid rentals of Mapada & Company, Inc. Pastoral was required by the surety bond to notify the surety of any defaults within 5 days, but this was impossible for the October and November 1957 defaults. The suretyship contract was not binding on Pastoral until he received a copy of the bond, by which time the two defaults had already occurred. Thus, the surety company could not be relea

Author

Grace Ann Tamboon

Language

EN