§ 302 — Stay, et cetera, to persons secondarily liable

§ 302. Stay, et cetera, to persons secondarily liable. 1. Whenever,\npursuant to any of the provisions of this article, the enforcement of\nany obligation or liability, the prosecution of any suit or proceeding,\nthe entry or enforcement of any order, writ, judgment or decree, or the\nperformance of any act, may be stayed, postponed or suspended, such\nstay, postponement or suspension may, in the discretion of the court,\nlikewise be granted to sureties, guarantors, endorsers and others\nsubject to the obligation or liability, the performance or enforcement\nof which is stayed, postponed or suspended.\n 2. When a judgment or decree is vacated or set aside, in whole or in\npart, as provided in this article, the same may, in the discretion of\nthe court, likewise be set aside and vacated as to any surety,\nguarantor, endorsers, accommodation maker or other person whether\nprimarily or secondarily liable upon the contract or liability for the\nenforcement of which the judgment or decree was entered.\n 3. Nothing contained in this article shall prevent a waiver in writing\nof the benefits afforded by subdivisions one and two of this section by\nany surety, guarantor, endorser, accommodation maker, or other person\nwhether primarily or secondarily liable upon the obligation or liability\nexcept that after the date of enactment of this subdivision no such\nwaiver shall be valid unless it is executed as an instrument separate\nfrom the obligation or liability in respect of which it applies, and no\nsuch waiver shall be valid after the beginning of the period of military\nservice if executed by an individual who, subsequent to the execution of\nsuch waiver becomes a person in military service.\n