Where the performance of a contract is secured by the obligation of a surety, an agreement made between the creditor and the principal debtor for the extension of the time of payment, or the performance of the contract, shall not have any binding effect at law unless such agreement is made upon a valuable consideration and is in writing, or some note or memorandum thereof is in writing and signed by such creditor, or by some person thereunto duly authorized, reciting briefly the consideration upon which such contract is founded. (1971, No. 185 (Adj. Sess.), § 236, eff. March 29, 1972.)