12 S.D. 317 | S.D. | 1900
Briefly stated, the following facts were relied upon as a defense to a complaint alleging the conver
It is stated in the answer, and the law is, that these collateral securities deposited by the principal obligor are equally for the benefit of appellant and all the sureties. Therefore, when this surety had paid the debt of his principal, evidenced by the judgment, he was, in equity, subrogated to all the rights of appellant, upon whom the law has imposed the duty of surrendering on demand the property in question, so that the same may be made available in the way of reimbursement to respondent. 2 Daniel, Neg. Inst. 1343. In such cases, says an able writer, “equity gives to the surety a right to call