Restatement of the Law 3d. Suretyship and Guaranty. 1 Volume.
Restatement of the Law Third. Suretyship and Guaranty. Reporter: Neil B. Cohen, Brooklyn Law School; Associate Reporter: Daniel Mungall, Jr., Philadelphia, PA. American Law Institute, 1996. 1 Volume. Hardcover. New. Publisher's price USD 148. Special $45. * This Restatement contains chapters addressing formation, enforcement, rules applicable to, and interpretation of secondary obligations. As well as rights and recourse of obligors and obliges. It was formerly called Restatement of the Law Third, Suretyship. This Restatement comprehensively sets forth and analyzes the doctrines, principles, and policies of suretyship law. The work represents the Institute's first examination of the law of suretyship in more than half a century. The intervening period has seen dramatic developments in this body of law as modern contract theory and the policies embodied in the Uniform Commercial Code have been embraced by courts and commentators. All of this is reflected in this Restatement volume, which entirely supersedes Division II of the Restatement of Security (1941), the Institute's previous treatment of the subject. The text thoroughly covers the applications of suretyship law in the areas of both "traditional suretyship," including most prominently payment and performance bonds in construction contracts, and commercial law, notably financial transactions primarily involving the extension of credit. In both contexts the Restatement helps to determine which of two parties will initially bear a cost that both intended to be borne by a third party and provides mechanisms to pass that loss, when possible, to the third party.
Book number 75844