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Case Citations [1] (April 2017 through August 2017)

handle is hein.ali/retsgy0586 and id is 1 raw text is: SURETYSHIP AND GUARANTY 3D Foreword Wash.App.2017. Foreword cit. in sup. Drywall supplier, which had recorded a statutory lien against a construction project following subcontractor's failure to pay for materials provided by supplier, filed an action to recover on its lien against surety that issued a release-of-lien bond to general contractor. The trial court granted summary judgment for surety, finding that surety was discharged from liability, because supplier named only surety as a party, and did not also name general contractor. This court reversed and remanded, holding that, under the plain terms of the statute, supplier was only required to name surety as a defendant to its bond-foreclosure action. The court rejected surety's argument that supplier was required to include general contractor because it was the owner of the bond, noting that, under the Restatement Third of Suretyship and Guaranty, once a bond was obtained, the applicable parties were the obligee (or claimant or creditor), the principal obligor, and the secondary obligor (or surety), and the term owner was no longer applicable. Inland Empire Dry Wall Supply Co. v. Western Surety Company, 389 P.3d 717, 721. CHAPTER 3. INCIDENTS OF SURETYSHIP STATUS TOPIC 2. SECONDARY OBLIGOR'S RECOURSE AGAINST PRINCIPAL OBLIGOR TITLE B. REIMBURSEMENT § 22. Duty of Principal Obligor to Reimburse Secondary Obligor S.D.N.Y.Bkrtcy.Ct.2016. Cit. in sup. In Chapter 11 proceedings for, among others, entertainment company and its affiliate, creditor of affiliate filed a motion to obtain discovery from company and affiliate to support his claim that affiliate's guarantee of a prepetition secured loan to company constituted a fraudulent transfer. This court denied creditor's motion, holding that creditor failed to show good cause for his motion. The court reasoned, in part, that the guaranty transaction had no apparent effect on affiliate's solvency, because, under Restatement Third of Suretyship & Guaranty § 22, a guarantor had a right of indemnity against a principal obligor; thus, although affiliate incurred a contingent obligation when it guaranteed the loan to company, it simultaneously obtained a contingent right to indemnity from company, which was the primary obligor under the loan, as well as contingent rights to contribution from co-guarantors of the loan. In re AOG Entertainment, Inc., 558 B.R. 98, 109. TOPIC 3. OBLIGEE'S RIGHTS AGAINST SECONDARY OBLIGOR-GENERALLY, AND AS AFFECTED BY ACTS OF OBLIGEE TITLE B. SURETYSHIP DEFENSES § 40. Extension of Time A I , u a For earlier citations, see the Appendices, Supplements, or Pocket Parts, if any, that correspond to the subject matter under examination.

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