503. Creditor's right of proof against surety.

503.     Creditor's right of proof against surety.

A creditor may prove against the estate of a bankrupt surety on his guarantee. He must, however, establish the surety's liability, and, in the absence of agreement, this cannot be done merely by showing that the debtor has admitted the debt, or that judgment for it has been signed against him1. The creditor must give credit for any amount which he has realised before proving, or for dividends which have been declared in the principal debtor's bankruptcy, even if not actually received2; but, where there are several sureties jointly