(1) In all cases where judgment is given in any circuit court upon any bond, bill, or note for the payment of money or the delivery of property, against the principal debtor and securities therein, and the security shall pay the judgment or any part thereof, he or she shall be entitled, upon motion, to judgment in the same court against the principal debtor for the amount he or she is entitled to recover, together with costs.
(2) No judgment shall be rendered as provided in subsection (a) of this section unless the party applying therefor shall have given the adverse party at least ten (10) days' notice in writing of the motion, nor unless the motion shall be made within one (1) year from the rendition of the original judgment.