Law · Indian Contract Act
Under the Indian Contract Act, 1872, which specific condition dictates that a creditor's mere forbearance or failure to take timely legal action against the principal debtor does not discharge the surety, provided the guarantee is co-extensive?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The creditor grants an explicit extension of time to the principal debtor without the surety's consent.
- 2The creditor releases one of the co-sureties without the consent of the other co-sureties.
- 3The creditor merely forbears to sue the principal debtor within the prescribed statutory period, unless otherwise provided.✓
- 4The creditor loses or parts with the specific security provided by the principal debtor due to negligence.
Correct answer
The creditor merely forbears to sue the principal debtor within the prescribed statutory period, unless otherwise provided.
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