Article 45 Liabilities and rights of co-obligantsI1

Where a creditor has an obligant (in this Rule referred to as the “co-obligant”) bound to the creditor along with the company for the whole or part of the debt, the co-obligant shall not be freed or discharged from liability for the debt by reason of the dissolution of the company or by virtue of the creditor’s voting or drawing a dividend or assenting to, or not opposing—

Where—

the co-obligant shall account to the postal administrator so as to put the company in the same position as if the co-obligant had paid the debt to the creditor and thereafter had had the co-obligant’s claim accepted in whole or in part in the postal administration after deduction of the value of the security.

Without prejudice to any right under any rule of law of a co-obligant who has paid the debt, the co-obligant may require and obtain at the co-obligant’s own expense from the creditor an assignation of the debt on payment of the amount thereof, and thereafter may in respect of that debt submit a claim, and vote and draw a dividend, if otherwise legally entitled to do so.

In this Rule a “co-obligant” includes a cautioner.