Victorian Current Acts Victorian Current Acts(1) A person who is—
(a) surety for the debt or duty of another; or
(b) liable with another for a debt or duty—
and who pays that debt or performs that duty, is entitled to have assigned to that person or to a trustee for that person every judgment specialty or other security held by the creditor in respect of that debt or duty.
(2) Subsection (1) applies whether or not the judgment specialty or other security is taken at law to have been satisfied by the payment of the debt or the performance of the duty.
(3) A person who pays a debt or performs a duty as referred to in subsection (1) is entitled—
(a) to stand in the place of the creditor; and
(b) to use all the remedies of the creditor; and
(c) if necessary and on a proper indemnity, to use the name of the creditor—
in any proceeding to obtain from the principal debtor or any co-surety, co-contractor or co-debtor (as the case requires) indemnity for the advances made and loss sustained by the person who paid the debt or performed the duty.
(4) The payment of the debt or the performance of the duty by a surety is not a defence to any proceeding referred to in subsection (3).
(5) A co-surety, co-contractor or co-debtor is not entitled to recover from another co-surety, co‑contractor or co-debtor more than the proportion to which, as between those parties themselves, that person is justly liable.
Division 6—Apportionment
No. 6387 s. 76.