What happens to a continuing guarantee in case of surety rsquo s death ........

Indian Contract Act (ICA)1872 indemnity and guarantee

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What happens to a continuing guarantee in case of surety’s death:

Indemnification from the property of the surety with regard to future transactions

Revocation of the continuing guarantee with regard to future transactions

The continuing guarantee shall continue in the name of the surety’s heirs

The continuing guarantee shall be continued by any other person

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Explanation:

Section 131 of the Contract Act –
131. Revocation of continuing guarantee by surety' death. The death of the surety operates, in the absence of any contract to the contrary, as a revocation of ma continuing guarantee, so far as regards future transactions.