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What is Suretyship and Solidary Obligations Explained about?
1) Defendant Torrento purchased steel bars from plaintiff NASSCO on credit and provided a surety bond from defendant Mutual Security Insurance to guarantee payment. 2) When NASSCO could no longer provide the specified steel bars, the parties modified the contract to specify different sizes and prices of steel bars. 3) Torrento and the surety are jointly and severally liable for payment under the surety bond contract. The creditor NASSCO can sue either party separately or together.
- Author
- Meng Vizco
- Language
- EN