Whenever property of a surety is hypothecated with property of the principal, the surety is entitled to have the property of the principal first applied to the discharge of the obligation.
Cal. Civ. Code § 2850
Position of Sureties
Applied in 2 court decisions — leading case 234 Cal. App. 2d 736 - Matthews v. Hinton (1965)
Most recently applied in 234 Cal. App. 2d 736 - Matthews v. Hinton (June 1965)
Enacted 1872.
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.