MERCANTILE LAW AMENDMENT ACT

ARRANGEMENT OF SECTIONS

   1   Short title

   2   Consideration for guarantee need not appear by writing

   3   Guarantee to or for a firm to cease upon a change in the firm, except in special cases

   4   A surety who discharges liability to be entitled to assignment of all securities held by the creditor

   5   Provision respecting debts contracted during infancy

   6   No action to be brought upon representation concerning character, etc, of any person

   7   Provision as to stamps

   8   Consignee's lien by operation of law abolished

   9   Instruments of lien to be executed, stamped and recorded as mortgages

 

THE MERCANTILE LAW AMENDMENT ACT

[Date of Commencement: 1st July, 1872]

Cap 243.

1   Short title

   This Act may be cited as the Mercantile Law Amendment Act.

Guarantees and Sureties

2   Consideration for guarantee need not appear by writing

   No special promise, to be made by any person to answer for the debt, default, or miscarriage of another person, being in writing, and signed by the party to be charged therewith, or some other person by him thereunto lawfully authorised, shall be deemed invalid to support an action, suit, or other proceeding to charge the person by whom such promise shall have been made, by reason only that the consideration for such promise does not appear in writing, or by necessary inference from a written document.

3   Guarantee to or for a firm to cease upon a change in the firm, except in special cases

{akeebasubs !jamaica law}

 

{/akeebasubs}{akeebasubs*}

   No promise to answer for the debt, default, or miscarriage of another made to a firm consisting of two or more persons, or to a single person trading under the name of a firm, and no promise to answer for the debt, default, or miscarriage of a firm consisting of two or more persons, or of a single person trading under the name of a firm, shall be binding on the person making such promise in respect of anything done or omitted to be done after a change shall have taken place in any one or more of the persons constituting the firm, or in the person trading under the name of a firm, unless the intention of the parties, that such promise shall continue to be binding notwithstanding such change, shall appear either by express stipulation or by necessary implication from the nature of the firm, or otherwise.

4   A surety who discharges liability to be entitled to assignment of all securities held by the creditor

   Every person who, being surety for the debt or duty of another, or being liable with another for any debt or duty, shall pay such debt, or perform such duty, shall be entitled to have assigned to him, or to a trustee for him, every judgment, specialty, or other security which shall be held by the creditor in respect of such debt or duty, whether such judgment, specialty, or other security, shall or shall not be deemed at law to have been satisfied why the payment of the debt, or performance ot the duty, and such person shall be entitled to stand in the place of the creditor, and to use all the remedies, and, if need be, and upon a proper indemnity, to use the name of the creditor in any action or other proceeding at law or in equity, in order to obtain from the principal debtor, or any co-surety, co-contractor, or co-debtor, as the case may be,-indemnification for the advances made and loss sustained by the person who shall have so paid such debt, or performed such duty, and such payment or performance so made by such surety shall not be pleadable in bar of any such action or other proceeding by him:

This section of the article is only available for our subscribers. Please click here to subscribe to a subscription plan to view this part of the article.