1.24 Renunciation of Suretyship.doc

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A letter by a surety to a creditor to renounce the surety?s liability for the debtor?s future obligations. The renunciation may only be made when the suretyship does not specify a maximum amount of the obligation secured, i.e. where it is for a continuing obligation. It will also depend on the wording of the suretyship whether the surety can renounce his/her liability to the creditor.