15-4-3 - Payments by co-obligor.
15-4-3. Payments by co-obligor.
The amount or value of any consideration received by the obligee from one or more ofseveral obligors, or from one or more of joint or of joint and several obligors, in whole or inpartial satisfaction of their obligations shall be credited to the extent of the amount received on theobligation of all co-obligors to whom the obligor or obligors giving the consideration did notstand in the relation of a surety.
No Change Since 1953