“Therefore, we as principals, and with and for us, George Yuille and Robert Yuille, esqrs., both merchants in Glasgow, as cautioners, sureties, and full debtors, bind and oblige us, jointly and severally, and our respective heirs, executors, and successors whomsoever, to make payment to the said William Scott senior and William Scott junior, &c. of the foresaid sum of 1,242 l . sterling of principal, with interest and penalty.”
“The statute 1695, cap.5, relative to principals and cautioners, proceeds on this, that by common law a cautioner was bound as effectually and as long as the principal debtor, whereby many were reduced to ruin. It then enacts, first, That no man binding himself for and with another, conjunctly and severally, in any bond or contract for sums of money, shall be bound for longer than seven years after the date of the bond; but that from and after the said seven years, the said cautioner shall be eo ipso free of his caution; secondly, and that whoever is bound for another, either as express cautioner, or as principal or co-principal, shall be understood to be a cautioner to have the benefit of this act, providing that he either have a clause of relief in the bond, or a bond of relief apart, intimated personally to the creditor at his receiving of the bond.