indulgenc

1 definition found

indulgenc - Bouvier's Law Dictionary, Revised 6th Ed (1856) :

  INDULGENCE. A favor granted.
       2. It is a general rule that where a creditor gives indulgence, by 
  entering into a binding contract with a principal debtor, by which the 
  surety is or may be damnified, such surety is discharged, because the 
  creditor has put it out of his power to enforce immediate payment; when the 
  surety would have a right to require him to do so. 6 Dow, P. C. 238; 3 
  Mer. R. 272; Bac. Ab. Oblig. D; and see Giving Time. 
       3. But mere inaction by the creditor, if he do not deprive himself of 
  the right to sue the principal, does not in general discharge the surety. 
  See Forbearance.