When there are two (2) or more sureties for the same debtor and for the same debt, the one who has paid it may demand of each of the others the part which he or they should proportionally have paid.
If any one of them should be insolvent, his part shall be paid by all in the same proportion.
In order that the provisions of this section may be applicable, the payment must have been made by virtue of judicial proceedings or when the principal debtor should have made an assignment or is a bankrupt.
History —Civil Code, 1930, § 1743.