(1) Where one of the obligors jointly and severally liable has, without notifying the other obligors jointly and severally liable, procured a common discharge by performance or otherwise at his or her own expense, and one of the other obligors had a defense available against the obligee, he or she may set it up against such obligor as has done an act for discharge only to the extent of the share incumbent upon himself or herself, and if the ground for defense so set up is a set-off, the claim which is to be extinguished by a set-off, shall be transferred to such obligor as has done an act for discharge.
(2) Where one of the obligors jointly and severally liable fails to notify the other obligors jointly and severally liable that he has procured a common discharge by performance or otherwise at his own expense, and one of the other obligors jointly and severally liable has in good faith effected performance or otherwise procured a discharge for value, he shall insist upon the effectiveness of his or her own act for discharge.