Smith v. Morris Fertilizer Co.

1. At any time after the debt on which he is liable becomes due, a surety, guarantor, or indorser may give notice in writing to the creditor, to his agent, or to the person having the possession or control of the obligation, to proceed to collect it out of the principal, and should the creditor or holder refuse or fail to commence an action for the space of three months after such notice, if the principal is within the jurisdiction of this State, the surety, guarantor, or indorser giving the notice, as well as all subsequent indorsers and all cosureties, will be discharged. Civil Code, §…