Report No. 11
60. Extent of liability of parties.-
(1) The maker of a note, the drawer of a cheque, the drawer of a bill until acceptance and the acceptor, are respectively liable thereon as principal debtors.......
(Section 37, part]
(2)... The other parties to the instrument are liable thereon as sureties for the maker, drawer or acceptor, as the case may be.
[Section 37, part]
(3) As between the parties so liable as sureties, each prior party is....also liable thereon as a principal debtor in respect of each subsequent party.
(Section 38, part]