Mercantile Act 1867 (Qld)

Mercantile Act 1867

An Act to consolidate and amend the laws relating to mercantile matters

Part 1 Satisfied securities

1 [Repealed]

2 [Repealed]

3 [Repealed]

4 A surety who discharges the liability to be entitled to assignment of all securities held by the creditor (1) Every person who being surety for the debt or duty of another or being liable with another for any debt or duty shall pay such debt or perform such duty shall be entitled to have assigned to the person or to a trustee for the person every judgment specialty or other security which shall be held by the creditor in respect of such debt or duty whether such judgment specialty or other security shall or shall not be deemed at law to have been satisfied by the payment of the debt or performance of the duty. (2) And such person shall be entitled to stand in the place of the creditor and to use all the remedies and if need be and upon a proper indemnity to use the name of the creditor in any action or other proceeding at law or in equity in order to obtain from the principal debtor or any co-surety co-contractor or co-debtor as the case may be indemnification for the advances made and loss sustained by the person who shall have so paid such debt or performed such duty and such payment or performance so made by such surety shall not be pleadable in bar of any such action or other proceeding by him or her. (3) However, no co-surety co-contractor or co-debtor shall be entitled to recover from any other co-surety co-contractor or co-debtor by the means aforesaid more than the just proportion to which as between those parties themselves such last mentioned person shall be justly liable.

5 [Repealed]

6 [Repealed]

7 [Repealed]

8 [Repealed]

9 [Repealed]

10 [Repealed]

11 [Repealed]

12 [Repealed]

13 [Repealed]

14 [Repealed]