Section 15-103. Consideration to be credited to co-obligor

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The amount or
  value of any consideration received by the obligee from one or  more  of
  several  obligors, or from one or more of joint, or of joint and several
  obligors, in whole or in  partial  satisfaction  of  their  obligations,
  shall  be  credited  to  the  extent  of  the  amount  received  on  the
  obligations of all co-obligors to whom the obligor  or  obligors  giving
  the consideration did not stand in the relation of a surety.

                    
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