N.C. Gen. Stat. § 26-7 Surety, Indorser, Or Guarantor May Notify Creditor to Take Action

• Library: North Carolina Statutes
• Edition: 2023
• Currency: Current through Session Law 2023-151
• Year: 2023
• Citation: N.C. Gen. Stat. § 26-7

(a) After any note, bill, bond, or other obligation becomes dueand payable, any surety, indorser, or guarantor thereof may give written noticeto the holder or owner of the obligation requiring him to use all reasonablediligence to recover against the principal and to proceed to realize upon anysecurities which he holds for the obligation.

(b) The surety, indorser or guarantor who gives notice to theholder or owner of the obligation as provided by subsection (a) shall forthwithgive written notice to all co-sureties, co-indorsers and co-guarantors of thefact that such notice is being given to the holder or owner of the obligation,and such co-sureties, co-indorsers and co-guarantors shall have ten days af...

(c) The holder or owner of the obligation shall on demanddisclose to any surety, indorser, or guarantor of the obligation the names andaddresses of all other sureties, indorsers and guarantors which appear on theobligation or of which he has knowledge.