Sec. 7. No surety or representative of a surety shall confess judgment or suffer judgment, by default, in any case, when the surety or representative is notified that there is a valid defense, if the principal will: (1) enter as a defendant to the action; and (2) tender to the surety or the representative good security to indemnify him, to be approved by the court. [Pre-1998 Recodification Citation: 34-1-55-7.]
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