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The surety, even before paying, may proceed against the principal debtor:\n(1) When he is sued for the payment.\n(2) In case of bankruptcy or insolvency.\n(3) When the debtor has bound himself to relieve him from the security within a specified term, and this term has expired.\n(4) When the debt has become demandable because the term in which it should have been paid has expired.\n(5) At the end of ten (10) years, when the principal obligation has not a fixed term for its expiration, unless it be of such a nature that it cannot be extinguished except in a period greater than ten (10) years.\nIn all these cases the action of the surety tends to obtain his release from the security or a guaranty to defend him against any proceedings of the creditor and from the danger of insolvency of the debtor.\nHistory —Civil Code, 1930, § 1742.