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. (1) enter as a defendant to the action; and

2. (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.]

As added by P.L.1-1998, SEC.17.