The Contract Bond Surety's Subrogation Rights - George J Bachrach

The Contract Bond Surety's Subrogation Rights George J Bachrach ISBN 9781627220125

This comprehensive and in-depth volume examines the subrogation rights of the contract bond surety, tracing those rights from their foundational principles to their application in a wide range of practical scenarios. The book systematically explains the elements necessary to establish a surety’s subrogation rights and explores how those rights operate in specific, real-world contexts.

The chapters address:

• Foundational principles of a contract bond surety’s common law right to equitable subrogation, including treatment under the Restatement of the Law (Third) Suretyship & Guaranty, and the rights of parties to which the surety may be subrogated (Chapters 1–3);

• Prerequisites to subrogation, including the principal’s default, the surety’s performance following default, and notice of the assertion of subrogation rights (Chapters 4–6);

• Priority disputes, examining the surety’s claims to bonded contract funds and other property in competition with obligees, principals, subcontractors and suppliers, assignees and lenders, bankruptcy trustees and debtors, taxing authorities and other governmental lienholders, as well as general and judgment creditors (Chapters 7–13); and

• Expanded applications of subrogation, including rights to the obligee’s and principal’s common law and contractual setoff rights, issues involving claims against the federal government (both jurisdictional and substantive), and assertions of subrogation rights against third parties such as design professionals, lenders, insurers, and others (Chapters 14–16).

This book is an indispensable resource for sureties, as well as for competing claimants and their counsel seeking to understand or challenge priority rights to bonded contract funds and related property.

The Contract Bond Surety's Subrogation Rights George J Bachrach ISBN 9781627220125, 978-1627220125 & 9781627220132

Editors
George J Bachrach
James D Ferrucci
Dennis J Bartlett