If such creditor or his committee or representative shall not, within a reasonable time after such notice, institute suit against every party to such contract who is a resident in this state, and not insolvent, and prosecute the same with due diligence to judgment and by execution, he shall forfeit his right to demand of such surety, guarantor or indorser or his estate, and all his cosureties and their estates, the money due by any such contract for the payment of money, or the damages sustained by any breach of the collateral condition or undertaking specified as aforesaid. But the conditions, rights, and remedies against the principal debtor shall remain unimpaired thereby.
Structure West Virginia Code
Chapter 45. Suretyship and Guaranty
Article 1. Sureties, Guarantors, Indorsers, Bail and Principals
§45-1-1. Demand That Creditor Sue
§45-1-2. Discharge of Surety, Guarantor or Indorser by Failure of Creditor to Sue
§45-1-3. Judgment, Decree or Recovery Not Binding on Surety Not Party to Proceeding
§45-1-4. Remedy of Bail, Surety, Guarantor, etc., Making Payment
§45-1-5. Principal's Right to Same Defense Against Surety as Against Creditor
§45-1-6. Contribution Among Cosureties and Coguarantors