This detailed and comprehensive book addresses the contract bond surety's subrogation rights. The book flows from the general principles and required elements of the surety's subrogation rights to the application of those rights in specific situations.

Chapters address: (a) the basic issues and rights of the contract bond surety's asserting its common law right to equitable subrogation, the treatment of the contract bond surety's subrogation rights in the RESTATEMENT OF THE LAW (THIRD) SURETYSHIP & GUARANTY, and the parties' rights to which the surety may assert its subrogation rights (Chapters 1-3); (b) the necessity of the principal's default, the surety's performance upon the principal's default, and the surety's notice of the assertion of its subrogation rights (Chapters 4-6); (c) the surety's assertion of its subrogation rights to the bonded contract funds and other property in competition with the obligee, the principal, the principal's subcontractors and suppliers, assignees/lenders, trustees and debtors in bankruptcy, taxing authorities and other governmental lien creditors, and the principal's general and judgment creditors (Chapters 7-13); and (d) the surety's subrogation rights to the obligee's and principal's common law and contractual setoff rights, the many issues involving the surety's subrogation rights and claims against the federal government (including jurisdictional and substantive issues), and the surety's assertion of its subrogation rights against third parties such as design professionals, lenders, insurers and others (Chapters 14-16).

This book is essential for both sureties and any other parties and their counsel competing with the surety for the bonded contract funds and other property.