15-4-4 - Release of co-obligor -- Reservation of rights.
15-4-4. Release of co-obligor -- Reservation of rights.
Subject to the provisions of Section 15-4-3, the obligee's release or discharge of one ormore of several obligors, or of one or more of joint or of joint and several obligors, does notdischarge co-obligors against whom the obligee in writing and as part of the same transaction asthe release or discharge expressly reserves his rights; and in the absence of such a reservation ofrights shall discharge co-obligors only to the extent provided in Section 15-4-5.
Amended by Chapter 378, 2010 General Session