Section 570: Continuous guarantee

1) A guarantee which is so given as to extend to a series of transactions shall be deemed to be a continuous guarantee.

2) If the provision of a guarantee referred to in sub-section (1) is made, the surety shall be liable to the extent of the amount of the guarantee that could not be recovered in the entire period of the contract of guarantee, irrespective of the number of transactions made thereunder.

3) The surety may, by giving a notice to the creditor at least three months in advance, revoke the continuous guarantee as to future transactions.

4) Except as otherwise provided for in the contract, if the surety dies, the continuous guarantee shall be deemed to be ipso facto revoked.