What are the Rights of surety on payment of performance? Section 140 of Indian Contract Act 1872
140. Where a guaranteed debt has become due, or default of the principal debtor to perform a guaranteed duty has taken place, the surety, upon payment or performance of all that he is liable for, is invested with all the rights which the creditor had against the principal debtor.
Section 126 - Contract of guarantee surety principal debtor and creditor
Section 127 - Consideration for guarantee
Section 128 - Suretys liability
Section 129 - Continuing guarantee
Section 130 - Revocation of continuing guarantee
Section 131 - Revocation of continuing guarantee by suretys death
Section 133 - Discharge of surety by variance in terms of contract
Section 134 - Discharge of surety by release or discharge of principal debtor
Section 137 - Creditors forbearance to sue does not discharge surety
Section 138 - Release of one co-surety does not discharge others
Section 139 - Discharge of surety by creditor's act or omission impairing surety's eventual remedy
Section 140 - Rights of surety on payment of performance
Section 141 - Suretys right to benefit of creditors securities
Section 142 - Guarantee obtained by misrepresentation invalid
Section 143 - Guarantee obtained by concealment invalid
Section 144 - Guarantee on contract that creditor shall not act on it until co-surety joins