Indian Contract Act — Section 126

“Contract of guarantee”, “surety”, “principal debtor” and “creditor”.—A “contract of

126. “Contract of guarantee”, “surety”, “principal debtor” and “creditor”.—A “contract of guarantee” is a contract to perform the promise, or discharge the liability, of a third person in case of his default. The person who gives the guarantee is called the “surety”; the person in respect of whose default the guarantee is given is called the “principal debtor”, and the person to whom the guarantee is given is called the “creditor”. A guarantee may be either oral or written.

Follow cited cases · Browse courts and years · Research topics

Judgments citing Section 126

Text reproduced from the public statutes on which the corpus is built. Verify against the official Gazette before relying on it. This is statute reference, not legal advice.