https://www.taxtmi.com/caselaws?id=198705 A surety's liability is co-extensive with the principal debtor's liability unless the contract provides otherwise. Where the Madras Agriculturists' Relief Act scales down the principal debt, the Act was treated as extinguishing the debt to that extent, with the decree amended and satisfaction capable of being entered. Because the surety's obligation is accessory to the principal obligation, the surety cannot remain liable for an amount that no longer subsists against the principal debtor. The contrary view, that statutory reduction of the principal debtor's liability leaves the surety liable for the whole debt, was rejected. A non-agriculturist surety is therefore liable only for the scaled down amount. en-us Wed, 16 Aug 1950 00:00:00 +0530 Wed, 07 Feb 2018 16:45:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198705 A surety's liability is co-extensive with the principal debtor's liability unless the contract provides otherwise. Where the Madras Agriculturists' Relief Act scales down the principal debt, the Act was treated as extinguishing the debt to that extent, with the decree amended and satisfaction capable of being entered. Because the surety's obligation is accessory to the principal obligation, the surety cannot remain liable for an amount that no longer subsists against the principal debtor. The contrary view, that statutory reduction of the principal debtor's liability leaves the surety liable for the whole debt, was rejected. A non-agriculturist surety is therefore liable only for the scaled down amount. Case-Laws Companies Law Wed, 16 Aug 1950 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198705