https://www.taxtmi.com/caselaws?id=456209 A surety is discharged where the creditor and principal debtor, without the surety's assent, materially vary or substitute the original loan arrangement, because statutory protections under suretyship cannot be overridden by the guarantee bond. An acknowledgment or renewed promissory note executed only by the principal debtor does not extend limitation against the sureties, since limitation must be saved by the party against whom liability is asserted. A mere demand clause also does not defer the statutory start of limitation where the loan documents themselves fix the relevant starting point. The suit was therefore time-barred on proper computation of limitation. en-us Wed, 04 Mar 1992 00:00:00 +0530 Sat, 06 Jul 2024 12:04:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456209 A surety is discharged where the creditor and principal debtor, without the surety's assent, materially vary or substitute the original loan arrangement, because statutory protections under suretyship cannot be overridden by the guarantee bond. An acknowledgment or renewed promissory note executed only by the principal debtor does not extend limitation against the sureties, since limitation must be saved by the party against whom liability is asserted. A mere demand clause also does not defer the statutory start of limitation where the loan documents themselves fix the relevant starting point. The suit was therefore time-barred on proper computation of limitation. Case-Laws Indian Laws Wed, 04 Mar 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456209