Title 10, Chapter 7, Section 1
( 10-7-1)
The contract of suretyship or guaranty is one whereby a person
obligates himself to pay the debt of another in consideration of a
benefit flowing to the surety or in consideration of credit or
indulgence or other benefit given to his principal, the principal in
either instance remaining bound therefor. Sureties, including those
formerly called guarantors, are jointly and severally liable with
their principal unless the contract provides otherwise. There shall
be no distinction between contracts of suretyship and guaranty. |