THE EFFECT OF THE DEATH OF THE SURETY OR THE PRINCIPAL DEBTOR ON THE SURETYSHIP AGREEMENT
It is obvious that the suretyship agreement does not require any consent of the principal debtor, and it is not even necessary to be aware of it. Therefore, the death of the principal debtor shall not affect this agreement. The surety’s debt continues. The death of the surety will not terminate the contract. The heirs of the surety will be a party to the said contract and the responsibility of the debt will proceed through the heirs.
TERMINATION OF THE SURETYSHIP AGREEMENT
As a rule, the suretyship agreement ends with the termination of the principal debt. The reason for this is based on the feature “The surety’s debt is a secondary debt.” If there is a term bail agreement, it ends with the expiration of the term. The most important issue here is how the non-duration contract will end. This issue is regulated in Article 601 of the TCO.
“In non-duration suretyship, the surety may, in cases stipulated by law, request the creditor to exercise its rights to sue and pursue against the debtor within one month, to initiate proceedings through foreclosure of the pledge, if any, and to continue the proceedings without interruption. If the debt becomes due and payable as a result of the notification to be made by the creditor to the debtor, the surety may request the creditor to make this notification one year after the date of the establishment of the surety agreement, and when the debt becomes due and payable in this way, to exercise his rights to pursue and sue in accordance with the provisions of the paragraph above. If the creditor fails to fulfill these requests of the surety, the surety shall be released from his obligation.”
In an indefinite suretyship agreement, the due date of the obligation gains importance. After the surety’s notification to the creditor, if the creditor does not fulfill its part, the surety is released from the surety debt.
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