A surety for the prosecution or defense of any suit in law or equity may be released from such suretyship by giving five (5) days’ notice to the surety’s principal, if in the state, and to the surety’s attorney, if out of the state, of the surety’s intention to move for a rule upon the surety to give counter security to provide indemnity for any liability as a surety.
Code 1858, § 3665 (deriv. Acts 1822, ch. 42, § 1); Shan., § 5435; mod. Code 1932, § 9597; T.C.A. (orig. ed.), § 23-2701.