The obligations of co-guarantees are provided under the Contract Act, 1872 in sections :
146, 147
The Indian Contract Act, 1872 deals with co-sureties (co-guarantors) in two sections.
Section 146: where two or more persons are co-sureties for the same debt or duty, jointly or severally, and whether under the same or different contracts, they are liable, in the absence of contrary contract, to contribute equally to the whole debt or the unpaid part.
Section 147: co-sureties bound in different sums are liable to pay equally as far as the limits of their respective obligations permit.
Section 143 deals with guarantee obtained by concealment, Section 144 with guarantee on condition that a co-surety joins, and Section 145 with the implied promise to indemnify the surety.
Hence, the answer is 146, 147.
Similar Questions
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Assertion (A) :
An acceptance is to a proposal what a lighted match is to a train of gunpowder.
Reason (R) :
Acceptance converts the offer into a promise and then it is late to remove.
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Important Questions from Indian contract acts, 1872
Which is the term used for a contract where both the parties to the contract have fulfilled their obligations under the contract?
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Unless there is .................., there can be no contract.
