Ridgeway v. Potter

Citations

• 114 Ill. 457

Syllabus

<p>1. Pbincipad and stjbety—right of the latter to require indemnity or further security from the former. A surety of a trustee can not maintain a bill in equity to require his principal to give other and additional securities upon his bond given to secure the cestuis que trust, or counter security, and on his failure to give such security, have him removed.</p> <p>2. The contract created by law between a principal and surety is, that the former shall refund to the latter whatever the surety has to pay for him. The principal is under no legal duty to a surety to keep his co-sureties in equal solvency as they were when they first became such, or to keep any co-sureties to share in the liability.</p> <p>3. Courts of equity, in relief of sureties under apprehension of loss or injury, have gone to the extent to allow the surety, after the debt has become due, to file a bill to compel the principal to discharge the debt for which the surety is responsible; and it has been said that a surety, when the debt has become due, may come into equity and compel the creditor to sue for and ■collect the debt from the principal.</p> <p>4. Trustee—who may require an accounting by him—right of a surety. •On bill by a surety on the bond of a trustee, against the trustee, to compel him to render to the court a report of his acts, including his receipts and disbursements, or his debits and credits, where the cestuis que trust are not made parties, there is no error in the court refusing to pass upon the report ■and state the account, as such a statement of the account would not conclude them.</p>