Sec. 1. (a) This chapter applies to a person who is bound as surety upon a contract in writing for the:
(1) payment of money; or
(2) performance of any act.
(b) When the right of action has accrued, the surety may require, by notice in writing, the creditor or obligee to immediately institute an action upon the contract.
[Pre-1998 Recodification Citation: 34-1-55-1.]
As added by P.L.1-1998, SEC.17.