law: Negotiable Instruments Act, 1881 
  38. Prior party a principal in respect of each subsequent
  
  party 
  As between the parties so liable as sureties, each prior party
  
  is, in the absence of a contract to the contrary, also liable thereon as a
  
  principal debtor in respect of each subsequent party.
  Illustration 
  A draws a bill payable to his own order on B, who accepts. A
  
  afterwards endorses the bill to C, C to D and D to E. As between E and B, B is
  
  the principal debtor, and A, C and D are his sureties. As between E and A, A is
  
  the principal debtor, and C and D are his sureties. As between E and C, C is
  
  the principal debtor and D is his surety.