In the event of the principal debtor's bankruptcy, the surety can in England act against the bankrupt's estate, not only in respect of payments made before the bankruptcy of the principal debtor, but also, it seems, in respect of the contingent liability to pay under the guarantee.[58] If the creditor has already acted, the surety who has paid the guaranteed debt has a right to all dividends received by the creditor from the bankrupt in respect to the guaranteed debt, and to stand in the creditor's place as to future dividends.[59] The rights of the surety against the creditor are in England exercisable even by one who in the first instance was a principal debtor, but has since become a surety, by arrangement with his creditor.