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    The validity period of a surety

    The validity period of a surety

    The Judicial College on economic disputes of the Supreme Court considered the claim of the creditor against the surety. The company entered into a supply contract with the buyer, an individual acted as a surety. After the goods were delivered, neither the buyer nor the surety paid the entire contracted price. Therefore, the vendor filed suit with the court. Two instances satisfied the applicant’s claims and the courts recovered the receivables from the guarantor.

    The judges did not take into account the defendant’s objections to the vendor’s eliminating, since the company was expelled from the USRLE (Unified State Register of Legal Entities) after the lawsuit was filed. The vendor filed a suit a year from the due date of the execution of the surety. The contract indicated that the term of the surety is valid until the actual performance of an obligation.

    The court clarified that the presence of such formulation in the contract means the termination of the surety if the creditor does not present a claim within one year. (paragraph 33 of the resolution of the Plenum of the Supreme Commercial Court dated 12.07.2012 No. 42).

    Source: the Supreme Court determination of 08/01/2019 No. 303-ES19-4834

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