equitable subrogation
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 296 U.S. 133 - American Surety Co of New York v. Westinghouse Electric Mfg Co · 1935Most cited · 208 citing opinions
A surety liable only for part of the debt does not become subrogated to collateral or to remedies available to the creditor unless he pays the whole debt or it is otherwise satisfied.