The surety is not discharged if he has given his assent to the extension of the time. 6 Bosw. N. Y. 600; 2 McLean, C. C. 99 ; 16 Penn. St. 112. Such assent by one surety does not bind his co-surety, 10 N. H. 318; and eubeequent assent given by the surety without new con. sideration, after he has been discharged by a valid agreement for delay, will not bind him. 12 N. H. 320. He need not show notice to the creditor of his dissent. 12 Ga. 271.
Where an execution against a principal is not levied on, or a levy is postponed without the consent of the surety, he is discharged from his liability as surety, unless he has property of the principal in his hands at the time; if he has property in his hande liable for the principal's debts, the creditors of the principal may insist on an application of the property to the payment of their debts. 9 B. Monr. Ky. 235.
30. If the creditor releases any security which he holds against the debtor, the surety will be discharged, 7 Mo. 497 ; 8 Serg. & R. Penn. 452; but if the security only covers a part of the debt, it would seem that the surety will be released only pro tanto. 9 Watts & S. Penn. 36. Nor will it matter if the security is received after the contract is made. A cre ditor who has the personal contract of his debtor, with a surety, and has also or takes afterwards property from the principal RS pledge or security for his debt, is to hold the property fairly and impartially for the benefit of the surety as well as himself, and if he parts with it without the knowledge or against the will of the surety he shall lose his claim against the surety to the amount of the pro perty so surrendered in equity, 43 Me. 381:
8 Pick. Mass. 121 ; 4 Johns. Ch. N.Y. 129 ; 4 Yes. 829; 2 Cox, 86; 5 N. H. 353 ; Theobald, Surety. 142 ; or at law. 8 Serg. & R. Penn. 457; 13 id. 157. The fact that other security, as good as, or better than, that surrendered, was substituted for it, will not preclude the surety from availing himself of the discharge. 15 N. H. 119.
31. But a surety is not discharged by the fact that the creditor has released or com pounded with his co-surety ; much less if his co-surety has been released by process of law. The only effect of such a release or composition is that the surety is then not liable for the proportion which would pro perly fall on his co-surety. 6 Ves. 605, per Lord Eldon. This at least is the doctrine in equity ; although it may be questioned whether it would apply at law where the obligation is joint. 4 Ad. & E. 675. See 4 Ga. 397.
But if the obligation is joint and several, a surety is not released from his proportion by such discharge of his co-surety. 31 Penn. St. 460.