56-1-5. Promise for consideration to answer for obligation of another--Writing unnecessary.
A promise to answer for the obligation of another is deemed an original obligation of the promiser and need not be in writing where the promise is made by one who has received property of another upon an undertaking to apply it pursuant to such promise, or by one who has received a discharge from an obligation in whole or in part in consideration of such promise.
Source: SDC 1939, §26.0105 (1).