(a) When any surety by bill, bond, covenant, or nonnegotiable note for the payment of money or note for specific articles, other than the surety of a guardian, executor, administrator, or public officer, or guarantor of negotiable paper, apprehends that the principal is likely to become insolvent, or to migrate from the state, without previously discharging the debt or obligation, the surety may, if the debt or security be due, by notice in writing, require the creditor forthwith to put it to suit.
(b) Unless, within thirty (30) days thereafter, the creditor commences an action, and proceeds with due diligence in the ordinary course of law to recover judgment for the debt or obligation, and by execution to make the amount due thereon, the creditor shall forfeit the right which the creditor would otherwise have to recover it from the surety.
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