9-12-26. Deposit of thing offered - How held.

The person offering a thing other than money by way of performance, if that person means to treat it as belonging to the creditor, shall retain it as a depositary for hire until:

1. The creditor accepts it;

2. That person has given reasonable notice to the creditor that that person will retain it no longer; or

3. That person has deposited it with such suitable depositary therefor as that person is able to find with the exercise of reasonable diligence.