Does a delay of 5 years in the maturity of a loan, and the bankruptcy of the principal debtor, affect the release of the surety?

Saskatchewan, Canada


The following excerpt is from Yant v. Litman, 1947 CanLII 128 (SK QB):

In Mallough v. Dick, supra, it was held that a delay of five years in, giving the surety notice of the principal debtor’s default, and the bankruptcy of the latter in the interval between the maturity of a note and the notice, did not release the surety of his obligation.

Other Questions


In what circumstances will the bankruptcy court avoid a transaction in which a debtor has been found to be in breach of the Bankruptcy and Suspension Act? (Saskatchewan, Canada)
What are the rights of a surety in a bankruptcy proceeding? (Saskatchewan, Canada)
Does the discharge of the trustee and discharge from bankruptcy have an effect on revesting the rights of the debtor? (Saskatchewan, Canada)
Does a garnishee affect the position of the judgment debtor? (Saskatchewan, Canada)
Is a surety entitled to relief from a creditor who has interfered with the rights of the surety? (Saskatchewan, Canada)
In what circumstances will a surety be changed without the consent of the surety? (Saskatchewan, Canada)
Does an agent who contracts in his own name for an undisclosed principal have to sue the principal for damages? (Saskatchewan, Canada)
Is a representation of a principal not a representation by the principal? (Saskatchewan, Canada)
Does a debtor have to make a choice over whether to accept or accept a debtor's debt? (Saskatchewan, Canada)
Can an agent who contracts in his own name for an undisclosed principal recover damages from the principal even if the judgment does not result in satisfaction of the debt? (Saskatchewan, Canada)

There are no other similar questions at this time.