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Case Citations [1] (July 2021 - April 2022)

handle is hein.ali/retsgy0594 and id is 1 raw text is: SURETYSHIP AND GUARANTY 3D CHAPTER 1. TRANSACTIONS GOVERNED BY LAW OF SURETYSHIP AND GUARANTY § 1. Scope; Transactions Giving Rise to Suretyship Status Wash.App.2021. Subsec. (1)(b) and coms. (b) and (k) cit. in sup.; com. (h) quot. in sup. Subcontractor for a construction project sued developers and their guarantor, seeking to recover amounts due under the subcontract. The trial court confirmed an arbitration award finding that defendants were jointly and severally liable, and, after subcontractor conducted a foreclosure sale, found that the sale fully satisfied subcontractor's mechanic's lien and reduced guarantor's guaranty obligations. Affirming, this court held that the trial court did not err in finding that the foreclosure sale did not fully satisfy guarantor's obligations. The court cited Restatement Third of Suretyship and Guaranty §§ 1 and 19 in explaining that a secondary obligor's duty to perform was discharged to the extent that the principal obligor satisfied the underlying obligation, and that, here, because the guaranteed obligation was not fully satisfied, guarantor's obligation was appropriately left intact to the extent some of the guaranteed debt remained unpaid. Serpanok Construction, Inc. v. Point Ruston, LLC, 495 P.3d 271, 278, 280. CHAPTER 3. INCIDENTS OF SURETYSHIP STATUS TOPIC 1. GENERAL PRINCIPLES § 19. Suretyship Status-Defenses of Secondary Obligor Against Obligee Wash.App.2021. Subsec. (a) and com. (a) cit. in sup. Subcontractor for a construction project sued developers and their guarantor, seeking to recover amounts due under the subcontract. The trial court confirmed an arbitration award finding that defendants were jointly and severally liable, and, after subcontractor conducted a foreclosure sale, found that the sale fully satisfied subcontractor's mechanic's lien and reduced guarantor's guaranty obligations. Affirming, this court held that the trial court did not err in finding that the foreclosure sale did not fully satisfy guarantor's obligations. The court cited Restatement Third of Suretyship and Guaranty §§ 1 and 19 in explaining that a secondary obligor's duty to perform was discharged to the extent that the principal obligor satisfied the underlying obligation, and that, here, because the guaranteed obligation was not fully satisfied, guarantor's obligation was appropriately left intact to the extent some of the guaranteed debt remained unpaid. Serpanok Construction, Inc. v. Point Ruston, LLC, 495 P.3d 271, 278, 280. TOPIC 2. SECONDARY OBLIGOR'S RECOURSE AGAINST PRINCIPAL OBLIGOR TITLE C. RESTITUTION AND SUBROGATION COPYRIGHT ©2022 By THE AMERICAN LAW INSTITUTE All rights reserved A --1 Printed in the United States of America For earlier citations, see the Appendices, Supplements, or Pocket Parts, if any, that correspond to the subject matter under examination.

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