Abstract
The surety?s duty is both subsidiary and accessory to the principal debtor?s duty. Subsidiarity means that the surety only has to pay in case the principal debtor is unable or unwilling to do so. Accessority means that the (continued) existence, extent and contents of the surety?s duty depend on the (continued) existence, extent and contents of the principal debtor?s duty. The accessority principle applies particularly to real securities, but it also plays an important role with regard to personal securities, protecting (non-professional) sureties. It is submitted that the accessority principle should be seen as a fundamental principle of surety protection, not only at a national, but also at a European level.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Disclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.