The creditor shall pursue his remedy against the surety within the time prescribed by law; and no payment or promise by the principal or by a cosurety shall extend the obligation of the surety or the remedy of the creditor against him.
(Orig. Code 1863, § 2135; Code 1868, § 2130; Code 1873, § 2157; Code 1882, § 2157; Civil Code 1895, § 2975; Civil Code 1910, § 3547; Code 1933, § 103-206.)
RESEARCH REFERENCES
Am. Jur. 2d.
- 74 Am. Jur. 2d, Suretyship, § 18 et seq.
C.J.S.- 72 C.J.S., Principal and Surety, § 180 et seq.
ALR.
- Release of payee from warranty constituting a part of the consideration for a note as releasing a surety, 7 A.L.R. 1605.
Incapacity of principal to contract as affecting liability of guarantor or surety, 24 A.L.R. 838; 43 A.L.R. 589.
Endorsing payment upon note before maturity as releasing surety or endorser, 37 A.L.R. 477.
Right of surety or his privies to require creditor to resort to security given by principal before enforcing security given by surety, 37 A.L.R. 1262.
Extension of time or other modification of original contract as releasing indemnitor of surety or guarantor, 43 A.L.R. 1368.
Creditor's reservation of rights against surety in releasing or extending time to principal debtor, 139 A.L.R. 85.
Right to join principal debtor and guarantor as parties defendant, 53 A.L.R.2d 522.
Application of payments as between debts for which a surety or guarantor is bound and those for which he is not, 57 A.L.R.2d 855.
Guarantor of nonnegotiable obligation as released by creditor's acceptance of debtor's note or other paper payable at an extended date, 74 A.L.R.2d 734.