502. Guarantees.

502.     Guarantees.

When a guarantee limits a surety's liability to a fixed sum, the surety may be liable either to pay a limited sum towards the ultimate balance remaining due after all money obtainable from other sources has been applied in reducing the debt of the principal debtor or as surety for a part of the debt only1. In the former case the creditor has the right to prove against the debtor's estate for the whole of his debt until he has received 100 pence in the pound, notwithstanding that he has received some payment from the