THE SCOPE OF THE SURETY’S LIABILITY IN THE EVENT OF THE LIQUIDATION OF THE PRINCIPAL DEBTOR
Keywords:Securing Credit, Insolvent Debtor, Suretyship, Liability
The article concerns the legal nature of suretyship contract and its
relation to the principal debt agreement. It discusses legal basis for
the performance of an obligation by the surety's following the death of
the principal debtor. Discussion is based on an analysis of the case
law of the Supreme Court of Georgia and doctricnal views.
The issue under consideration is important, because formal
legitimacy and the purpose of the law are at odds with each other. Aim
of the article is to assess the legal status of the guarantor and the
creditor, to determine whether a balance between their rights is
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