249 / 473
NEWSLETTER 2013
236
On being satisfied by the surety, the creditor is required to furnish him
with such documents and information as are required to exercise his rights.
The creditor must also release to him the liens and other securities furnished
when the contract of surety was concluded or subsequently obtained from
the principal debtor for the specific purpose of securing the claim under
surety, or must take the requisite measures to facilitate their transfer.
Where the creditor refuses without just cause to take such measures
or has alienated the available evidence or the pledges and other securities
for which he is responsible through gross negligence, the surety is released
from his liability. The surety may demand the return of sums already paid
and seek compensation for any further damage incurred in such case.
Right to Demand Acceptance of Payment.
Pursuant to Article 593
TCO, as soon as the principal obligation falls due, even as a result of the
bankruptcy of the principal debtor, the surety may at any time demand that
the creditor accepts satisfaction from him. Where several persons stand
surety for an obligation, the creditor is obliged to accept partial payment,
provided it at least equals the share of the surety offering payment.
Where the creditor refuses without just cause to accept payment,
the surety is released from his liability. In the event of joint surety, the
liability of all other jointly and severally liable co-sureties is decreased
by the amount of his share.
If the creditor is prepared to accept satisfaction, the surety may pay
him even before the principal obligation falls due. However, the surety
has no right of recourse against the principal debtor until the obligation
falls due.
Creditor’s Duty to Notify and to Register his Claim in Bankruptcy
and Composition Proceedings.
Pursuant to Article 594 TCO, where the
debtor is six months in arrears in the payment of capital, interest accrued
over half a year or an annual repayment, the creditor must notify the surety.
In the event of bankruptcy or composition proceedings concerning
the principal debtor, the creditor must register his claim and do everything
conscionable to safeguard his rights. He must inform the surety of the
bankruptcy or debt restructuring moratorium as soon as he himself learns
of it.