28-11-108: Continuing guaranty -- definition -- revocation.

(1) A guaranty relating to a future liability of the principal under successive transactions that either continue the principal's liability or from time to time renew it after it has been satisfied is called a continuing guaranty.

(2) A continuing guaranty may be revoked at any time by the guarantor in respect to future transactions unless there is a continuing consideration as to the transactions that the guarantor does not renounce.