(a) Joint obligations shall be construed to have the same effect as joint and several obligations, and may be sued on, and recoveries had thereon in like manner.
(b) Persons severally liable upon the same contract, including parties to bills of exchange, promissory notes placed upon the footing of bills of exchange, common orders and checks, and sureties on the same or separate instruments, may all, or any of them, or the representatives of those persons who may have died, be included in the same action, at the plaintiff's option.
(c)
(1) Where two (2) or more persons are jointly bound by contract, the action thereon may be brought against all or any of them, at the plaintiff's option.
(2) Where any of the persons so bound are dead, the action may be brought against any or all of the survivors, with the representatives of all or any of the decedents, or against the latter, or any of them.
(3) Where all the persons so bound are dead, the action may be brought against the representatives of all or of any of them.
(4) An action or judgment against any one (1) or more of several persons jointly bound shall not be a bar to proceedings against the other.
(d) No creditor on any joint, or joint and several, obligation shall have more than one (1) satisfaction and costs in one (1) suit.