Sec. 2. If the creditor or obligee does not:
(1) proceed within a reasonable time to bring an action upon the contract; and
(2) prosecute the action to judgment and execution;
the surety is discharged from all liability on the contract.
[Pre-1998 Recodification Citation: 34-1-55-2.]
As added by P.L.1-1998, SEC.17.
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