(1) A guarantee which is so given as to
extend to a series of transactions shall be deemed to be a continuous
guarantee.
(2) If the provision of a guarantee referred to in subsection
(1) is made, the surety shall be liable to the extent of the
amount of guarantee that could not be recovered in the entire period
of the contract of guarantee irrespective of the number of
transactions made thereunder.
(3) The surety may, by giving a notice to the creditor at
least three months in advance, revoke the continuous guarantee as
to the future transactions.
(4) Except as otherwise provided for in the contract, if the
surety dies, the continuous guarantee shall be deemed to be ipso
facto revoked.