The assignor or endorser of any such bond, bill, or note, may pursue the same course with like effect in order to discharge such assignor or endorser from liability to the assignee of the bond, bill, or note.
Code 1858, § 1971 (deriv. Acts 1801, ch. 18, § 3); Shan., § 3520; mod. Code 1932, § 7529; T.C.A. (orig. ed.), § 47-704.