SURETIES-PRIMARY LIABILITIES

Amends the Sureties Act. Provides that the Act applies to sureties who share primary liabilities with their principals on promissory notes or performance or other contracts and whose primary liabilities originate from the contracts of their principals. Provides that the Act does not apply to guarantors of payment or guarantors of collection who undertake obligations to pay creditors of principal debtors, but whose obligations are not primary liabilities or are otherwise created by contracts that are separate from the contractual obligations of the principals. Effective immediately.