Applicability of chapter; surety may require creditor or obligee to
commence action on contract
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.
As added by P.L.1-1998, SEC.17.
Last modified: May 24, 2006