§ 38-1-101 — Requiring suit by creditor

A person bound as surety in a written instrument for the payment
of money, or other valuable thing, may, if right of action
accrues thereon, require his creditor by a notice in writing, to
commence an action on such instrument forthwith, against the
principal debtor; and unless the creditor commences such action
within a reasonable time thereafter, and proceed with due
diligence, in the ordinary course of law, to recover judgment
against the principal debtor for the money or other valuable
thing due thereby, and to make by execution the amount thereof,
the creditor, or the assignee of such instrument so failing to
comply with the requisition of such surety shall thereby forfeit
the right which he would otherwise have to demand, and receive
of such surety, the amount due thereon.