A commercial suretyship is one in which:
(1) The surety is engaged in a surety business;
(2) The principal obligor or the surety is a business corporation, partnership, or other business entity;
(3) The principal obligation arises out of a commercial transaction of the principal obligor; or
(4) The suretyship arises out of a commercial transaction of the surety.
Acts 1987, No. 409, §1, eff. Jan. 1, 1988.