Section 15-104. Discharge of one obligor, with reservations

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Subject to the
  provisions of section 15-103, the obligee's release or discharge of  one
  or more of several obligors, or of one or more of joint, or of joint and
  several  obligors  shall  not  discharge  co-obligors,  against whom the
  obligee in writing and as part of the same transaction as the release or
  discharge, expressly reserves his rights; and in the absence of  such  a
  reservation  of  rights  shall  discharge co-obligors only to the extent
  provided in section 15-105.

                    
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