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<h1>Rights of surety: subrogation to creditor's position after payment or performance to pursue principal debtor.</h1> Where a guaranteed debt is due or the principal debtor has defaulted, a surety who pays or performs what he is liable for is invested with all the rights which the creditor had against the principal debtor, enabling the surety to stand in the creditor's place and enforce recovery from the principal debtor to the extent of the surety's liability.