2. No special promise to be made by any Person after
the passing of this Act to answer for the Debt, Default, or Miscarriage of
another Person, being in Writing, and signed by the Party to be charged
therewith or some other Person by him thereunto lawfully authorised, shall be
deemed invalid to support an Action, Suit, or other Proceeding to charge the
Person by whom such Promise shall have been made, by reason only that the
Consideration for such Promise does not appear in Writing, or by necessary
Inference from a written Document. | Consideration for Guarantee need not appear by
Writing. |
3. 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 him, or to a
Trustee for him, 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, 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: | A Surety who discharges the Liability to be entitled
to Assignment of all Securities held by the Creditor. |
Provided always
that 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. |