1970 (8) TMI 100

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....gercoil, is the applicant herein. There was a decree in the suit on 31st March, 1965, for a sum of Rs. 2,700 on the basis of a promissory note executed by the first defendant in respect of which the second and third defendants were sureties. In execution of the decree in E.P. No. 411 of 1965, the appellant's properties were attached on 30th June, 1965. The appellant contended before the Courts....

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....rayanan, O.C.J. has observed as follows: But it is equally clear that, strictly in law, with reference to a decree on the negotiable instrument as such, the maker alone would be liable. The present decree therefore really falls into two parts, first a decree on the instrument against the maker (first defendant) and the second, a separate decree on the debt against the guarantor. I therefo....

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.... end to the controversy in the matter. The Supreme Court has, while dealing with a similar question, held that under Section 128 of the Contract Act, save as provided in the contract, the liability of the surety is coextensive with that of the principal debtor, that the surety thus becomes liable to pay the entire amount immediately on the passing of the decree and that it is not deferred until th....